Magna Tires Group Acquires Fennell Tires International

The second off-the-road (OTR) tire supplier, Magna Tires Group, has acquired Australia-based company Fennell Tires International. Financial details have not been disclosed.

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Fennell Tires International is known for its high quality OTR, mining and TBR tire solutions at competitive prices. Magna Tires recognizes the demand for high quality off-road tires in Australia and the value of long-term customer relationships. The main goal of Magna Tyres is to strengthen its global position. This acquisition offers further growth opportunities and increases tire volume. It also meets the long-standing desire to support Australian customers with full-service tire solutions.

Michael de Ruijter, CEO and President of Magna Tires Group, said in a statement: Our goal is to increase sales to € 600 million within five years and strengthen our position as the second supplier of the world’s largest off-road tire and service providers.

“The acquisition shows that Magna Tires are on the right track to reach this goal, and that there are more acquisitions in the near future,” he added. “This addition of Magna Tires to the global footprint will boost global sales. Fennell Tires International has net sales of more than A $ 20 million.

“We are pleased to help the combined company improve its tools and technology. We are confident that this merger will provide better service to our current and potential customers. We listen to our voices and always strive to support our customers with the best tire solutions. Our goal is to establish long-term partnerships, not short-term successes. ” He concluded.

Founded in 2005, including current directors Aldo Gismondi and Bruce Walker, Fennell Tires International provides on-site earth mover and truck tire services for mining, transportation, private contracting and equipment. Professional and safety-conscious service personnel have many years of industry experience. We provide the right advice and the right products at the right price. Once the transaction is complete, all employees will join the Magna Tires Group.

Aldo Gismondi, Managing Director of Fennell Tires International, said:



https://ift.tt/3pvX6WL Magna Tires Group Acquires Fennell Tires International

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