DUESSELDORF, Germany (Oct. 28, 2010)—Russian petrochemicals conglomerate Sibur Holdings J.S.C. is planning to exit the tire business in the coming years by disposing of the assets of its Sibur-Russian Tyres subsidiary.
Dimitry Konov, Sibur's chairman and president, said the firm's intention is to make SRT the primary tire manufacturer in Russia and then sell the assets at a profit. He spoke at the K plastics and rubber show in Duesseldorf.
“My shareholders would not like me to sell at a loss,” he said.
Sibur is in the process of acquiring the shares of Amtel N.V., the bankrupt holding company that had attempted to merge several Russian tire factories with the Dutch tire maker Vredestein.
Over the summer Sibur acquired the debt of Amtel, but the shares still are owned by a consortium led by O.J.S.C. Alfa-Bank. The situation is complicated, but according to a Sibur spokesman, Sibur now has full operational control of all the assets of Amtel.
Konov said he expects to buy the shares of Amtel from the bank at an “attractive price.”
A spokesman said Sibur is discussing with Russian tire maker Nizhnekamskshina about a possible participation in the acquisition of the Amtel shares, and the three companies would then rationalize their assets and consolidate the business before aiming to sell assets to a third party.