India’s TVS Srichakra acquires US off-highway tyre firm

India’s TVS Srichakra acquires US off-highway tyre firmIndia’s TVS Srichakra Limited, which produces TVS Eurogrip, Eurogrip and TVS brand of tyres, is acquiring US-based Super Grip Corporation LLC as part of its vision to grow in the global off-highway tyre market. The company’s board of directors recently approved the set-up of a subsidiary in the US ahead of the acquisition plan.

“The company fits in well with our plan to expand our off-highway tyre business globally,” TVS Srichakra Director S Ravichandran said in a company statement. “The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time,” he said.

Super Grip Corporation is a Tennessee-based company, established in 1984, to meet the need for high quality tyres for the industrial tyre market.

For TVS Srichakra, the proposed acquisition is in line with its growth agenda in the off-highway tyre market. The company has recently invested in a new plant at its Madurai facility which doubles its off-highway tyre capacity. This investment is largely directed at global markets.