Apollo to decide on European plant after Dutch Co acquisition

Mon. May 04, 2009; Posted: 02:29 AM

New Delhi, May 03, 2009 (Asia Pulse Data Source via COMTEX) -- APTYF | Quote | Chart | News | PowerRating -- Tyre major Apollo Tyres is weighing its options whether to go ahead with its plans to set up a greenfield plant in Europe depending on how its proposed acquisition of Vredestein Banden BV pans out.

"No option is closed out for us in Europe. However, once the integration process with Vredestein Banden BV is over, we will be better placed to take a concrete call on Hungary or another manufacturing unit in Europe, depending on the global and European economic conditions and European market needs," Apollo Tyres Vice-Chairman and Joint MD Niraj Kanwar told PTI in an e-mailed interview.

Last week the company had got Dutch court approval to fully acquire Vredestein Banden BV but the details on financials have not been shared.

Apollo Tyres had last year pulled out from Hungary to set up a greenfield plant due to problems faced in acquiring land. It had, however, maintained that it was looking for alternate sites, including Hungary and Slovakia, as part of plans to expand its presence in Europe.

The company is looking at leveraging on the immediate availability Vredestein's production capacity, which is currently over five million tyres a year.

Vredestein Banden's Russian parent, Amtel-Vredestein was declared bankrupt last week but it was excluded from the bankruptcy as it had separate financing arrangements with Apollo Tyres agreeing to acquire it.

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