APOLLO Tyres has sold its South African tyre business, the Dunlop brand rights and Ladysmith passenger car tyre plant to Japan’s Sumitomo Rubber Industries for US$60 million.
Apollo, meanwhile maintains its Durban plan for the newly-formed company, Apollo Durban.
With the sales, Apollo Tyres will continue to sell Apollo, Vredestein and Regal branded tyres in Africa; while it and Sumitomo will both undertake contract manufacturing of their respective brands at their respective facilities to make their products available for the region’s market.