Worldwide tyre manufacturer and retreading company Marangoni S.p.A. has successfully sold its solid tyre business to Dubai, United Arab Emirates-based conglomerate Onyx Group as part of an agreement the two companies signed in January.
Onyx Group, which has activities in the construction, manufacturing, real estate, industrial catering and hospitality industries, has acquired 100% of the stakes in Marangoni Industrie Manutention, a trading company based in France; Wenzel Industrie G.m.b.H., a trading company based in Germany; Marangoni Industrial Tyres S.r.l., a commercial company based in Italy; and Marangoni Industrial Tire Lanka, a company based in Sri Lanka.
Under the deal, Marangoni will continue to manufacture tyres, which will be sold to Onyx, in its plant in Rovereto, Italy. Onyx will also receive rights to the Marangoni brand name related to solid tyres along with the Jumbo, Forza, Eltor and Quickmont trademarks.
The companies’ agreement earlier this year included Marangoni’s commitment to provide Onyx with process and technology know-how as well as a state-of-the-art European quality standard tyre production line to be equipped to Onyx’s planned new tyre plant in Horana, Sri Lanka.
The agreement also included Onyx’s acquisition of 49% stake in Marangoni lndustrial Tyres Lanka (Private) Limited, a solid tyre producer in Sri Lanka.
According to Marangoni, its solid tyre business generates worldwide revenues that exceed EUR30 million and produces 7,000 tonnes of tyres at its plants in Italy and in Sri Lanka.