Gasgoo Motors Sweden’s automotive parts supplier Trelleborg recently completed the acquisition of British Watts Tire Company. After the acquisition, Watts tires will be incorporated into the Trelleborg Wheel Systems business.
Watts Tire is one of Europe's largest suppliers of solid tires and hubs for industrial use. It provides a wide range of industrial tires and hub products. Trelleborg said that the acquisition will strengthen its position in the industrial tire industry and increase its aftermarket share.
Maurizio Vischi, president of Trelleborg's tire systems business, said: “The acquisition of Watts will bring us more business opportunities. We will use the value of synergies to co-produce our production in Sri Lanka.â€
Trelleborg announced on November 24, 2010 that it had signed an agreement for the acquisition of Watts tyres at a purchase price of approximately SEK 230 million. Watts Tire Company has annual sales of approximately 300 million Swedish kronor (about $46.61 million) and employs 230 people.
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