Magna Tyres to acquire Fennell Tyres International
Magna Tyres Group, a second-tier Off-The-Road (OTR) tire supplier, has acquired the Australia-based company Fennell Tyres International. Financial details were not disclosed.
Fennell Tyres International is known for its competitively priced, high-quality OTR, mining, and TBR tire solutions. Magna Tyres recognizes the demand for high-quality, off-the-road tires in Australia and the value of a long-term relationship with customers. Magna Tyres鈥� main goal is to strengthen its position worldwide. The acquisition provides additional growth opportunities and increases in tire volume. It also fulfills the long-lasting desire to support Australian customers with full-service tire solutions.
Michael de Ruijter, CEO and President of Magna Tyres Group, said in a statement, 鈥淲e were attracted to Fennell Tyres International by the common vision on expanding both companies and product portfolio. Our goal is to increase sales to 600 million Euros within five years and strengthen our position as the largest second-tier supplier of off-the-road tires and service providers in the world.
鈥淭he acquisition shows that Magna Tyres is on the right track to achieve this goal and that there will be more acquisitions in the near future,鈥� he added. 鈥淭his addition to the worldwide footprint of Magna Tyres gives the global turnover a boost. The net sales of Fennell Tyres International are approximately AUD 20 million-plus.
Formed in 2005 including current director鈥檚 Aldo Gismondi and Bruce Walker, Fennell Tyres International provides on-site earthmover and Truck tyre services for mining, transport, and civil contracting operations and equipment.
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