Apollo Tyres today announced the acquisition of Reifencom GmbH, one of the largest tyre distributors in Germany for Euro 45.6 million. Reifencom GmbH has an online presence in 6 countries -- Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany.
Neeraj Kanwar, Vice Chairman
Commenting on the acquisition, Neeraj Kanwar, Vice Chairman and Managing Director, Apollo Tyres
Ltd, said “The acquisition is a
strategic fit in further growing our European business. It will enable Apollo
to improve its mix of distribution channels in Germany and Europe and aid in
increasing the visibility of Apollo and Vredestein tyres in the offline and
especially the fast growing online retail space.”
The success of Reifencom GmbH is attributed to its highly
efficient logistics system, which ensures that there is a guarantee of a high
degree of availability of all kinds of tyres and rims, even during busy periods
like spring and autumn. With an objective to provide world-class products and
services, and that too, at very competitive prices, Reifencom GmbH procures
tyres and rims from leading manufacturers, thereby ensuring a high-level of
quality.
“It is our privilege to join hands with Apollo Tyres, where the team shares our passion for providing world-class products and customer service,” said Olaf Sockel and Heiko Knigge, Managing Directors, Reifencom GmbH.
About Apollo Tyres Ltd
Apollo Tyres Ltd is an international tyre manufacturer and the
leading tyre brand in India. The company has a total of 5 manufacturing units
in India and The Netherlands. It is setting up a new manufacturing
facility in Hungary, with a planned investment of €475 million. The company
markets its products under its two global brands – Apollo and Vredestein, and
its products are available in over 100 countries through a vast network of
branded, exclusive and multi-product outlets.
