Apollo Tyres has acquired the German tire distributer – Reifencom GmbH – for 45.6 million euros.
Reifencom is one of Germany’s largest tire distributers, operating 37 stores and service centers across Germany. The company also has an online presence in Germany, France, Italy, Austria, Switzerland and Denmark.
“The acquisition is a strategic fit in further growing our European business,” said Neeraj Kanwar, vice chairman and managing director for Apollo Tyres. “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 tires in the offline and especially the fast growing online retail space.”
Apollo Tyres recently announced that company has seen slight sales dip, but higher profits in its first half for the 2015-16 financial year.