GURGAON, India (May 18, 2009)—Apollo Tyres Ltd. has completed its acquisition of European tire manufacturer Vredestein Banden B.V.
Financial details of the deal were not disclosed.
Apollo now holds a 100 percent stake in the Netherlands-based company, previously owned by Amtel-Vredestein N.V., which declared bankruptcy April 29.
Vredestein Banden remains a viable entity with a ring-fenced financing arrangement and a turnover of about $414.7 million in 2008, Apollo said.
Apollo said the deal strengthens its ongoing plans for the European market and provides Vredestein access to markets beyond the European Union.
Vredestein Banden CEO Rob Oudshoorn said his firm will offer Apollo its edge in passenger car tire technology and an understanding of the European market.
Vredestein Banden employs about 1,500 people.
Apollo said the current leadership at Vredestein Banden will be kept intact.