Sumitomo Rubber Industries, Ltd. (SRI) has completed its acquisition of UK-based Micheldever Group Ltd., the largest independent wholesaler, distributor and retailer of tyres in the UK. The acquisition of Micheldever from Graphite Capital Management LLP was initially announced on January 5, 2017.
Sumitomo now has a greater degree of freedom to expand its business in Europe after the dissolution of its alliance agreement with Goodyear in October 2015. Since then, SRI has been active in taking measures to strengthen its production capabilities and expand its sales.
Micheldever is a holding company controlling Micheldever Tyre Services Ltd. (MTS), a wholesaler and retailer of tyres in the UK. In addition to sales to over 6,000 retailers and auto-repair shops nationwide in the UK as a tyre wholesaler, MTS owns and operates about 100 tyre retail outlets under the “PROTYRE” brand. MTS generates sales of about 6 million tyres per year.
As part of its long-term “VISION 2020”, SRI plans on accelerating its action plan “Business Expansion in Europe and North America” through this acquisition and further developing its business on a global scale.