By Oliver Hall
The Russian tyres manufacturer Amtel-Vredestein NV has formally changed its name to Amtel N.V. this week.
The tyres manufacturer was declared bankrupt earlier this year, however its Netherlands-based subsidiary, Vredestein Banden, was bought out by Apollo tyres.
Apollo, the second largest tyre producer in India, has ambitious plans for its new acquisition.
Now the name change, which was agreed at an Extraordinary General Meeting held in Enschede, frees the newly re-merged Apollo Vredestein from its previous associations with the Russian company.
The execution of the deed of amendment through which the actual name change will take place as well as corresponding changes to the company’s Web site, corporate materials etc, will reportedly take place “as soon as possible.”
The meeting also agreed proposals to dismiss Petr Zolotarev and Vadim Pesochinsky from the executive board and to appoint Alexander Fayn as sole member of the board.
According to a statement detailing the meeting, Fayn gave a broad outline of the company’s restructuring plan.
At the time of the take-over, Neeri R S Kanwar, vice chairman and joint managing director of Apollo tyres, said: “Vredestein Banden is a very high premium tyre maker in Europe and this gives us the platform to immediately get into the European market and also take the Apollo brand there.”