ERJ staff report (DS)
Dnepropetrovsk, Ukraine - Ukrainian tyre maker Dneproshina re-started production in January after nearly two years of zero production.
The first 6 months of 2012 yielded sales of almost $40 million. This in line with the original plan to achieve sales of approximately $100 million in the first year. Margins achieved were as per the plan. The strong demand for farm tyres has helped and the trend continues.
The restructuring process of Dneproshina is managed under the control of its two main creditors, Ukreximbank the largest state owned bank in Ukraine and Perun Capita, which is the investment group 100% owned by Raiffaisen Bank which is one of the largest banks in Europe.
The CEO of Dneproshina Mr. Roman Naumenko has expressed satisfaction with the results but stressed the need to continue with the major effort to bring the company to the level it deserves as the largest tire manufacturer in Ukraine and one of the largest in the CIS region.
According to the management Dneproshina is open to further off-take agreement for better utilisation of its huge capacity.