Nokian Tyres plc and Amtel Holdings B.V. formed joint venture company in Russia
Nokian Tyres plc Stock Exchange Release April 25,2003 9.00 a.m
NOKIAN TYRES PLC AND AMTEL HOLDINGS B.V. FORMED JOINT VENTURE COMPANY IN RUSSIA
Nokian Tyres and Amtel Holdings announce that they have formed and officially registered in Russian Federation joint venture company Amtel-Nokian Tyres LLC.
Amtel-Nokian Tyres LLC or ANT has been formed according to the Framework Agreement signed between the two tire manufacturers in December 2002.
ANT will start its operations immediately with target of selling 600.000 Nordman branded tyres in 2003 and 2 million tyres in 2004.
Nokian Tyres owns 50% and Amtel Holdings owns 50% of the joint venture company.
Nokian Tyres plc
Vice President, Communications and Investor Relations
Further information: Mr. Kim Gran, President and CEO,
Tel. +358 3 340 7336.
Distribution: HEX and major media