ERJ staff report (SS)
Moscow, Russia - Amtel-Vredestein NV has announced that production at its Amtel-Povolzhye tyre complex, which was stopped on 11 Feb, following a suspension in the supply of raw material, has now resumed.
â€œOperations continue as usual at the Kirov plant,â€ said the company, in a 20 Feb statement.
Amtel said that during the suspended period -- from 11 Feb to 15 Feb -- it completed planned equipment maintenance and repairs.
The suspension in raw material supply came as a result of a supply contract that Amtel signed with Sibur-Russian Tyres, with extended payment terms, and the use of the $25 million (Euro 17 million) Alfa-Bank credit line provided to Amtel for increasing the company's working capital, said Amtel.
"It is business as usual and there has been no impact on our ability to meet supply agreements and consumer demand in a timely manner," said Amtel-Vredestein CEO Petr Zolotarev, in the statement.
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Press release from Amtel