GRI, a Sri Lanka-based specialty tire manufacturer, recently acquired Nortire OÜ in Northern Europe. The acquisition of the Nortire Group, headquartered in Estonia, with a branch in Latvia and two branches in Lithuania, will further expand GRI’s global tire service network, while attaining a significant foothold in the North European tire market, GRI says.
The Nortire Group was founded by Tarmo Männasalu in 2000 and is now a leading distributor of material handling, industrial and construction tires and wheels, rubber tracks, polyurethane wheels and castors. Its operations span over Estonia, Latvia, Lithuania, Belarus and Western Russia. Nortire, has proprietorship over four large warehouses in across the region.
“Being a leader in the industry and with ambitious progress in business growth, GRI will also soon deliver to the North European tire market, its wide range of Specialty Tires, via the Nortire Group, thereby effectively enhancing the group to become an all-rounder in the offering of speciality tires,” said Dr. Mahesha Ranasoma, CEO of GRI, about the acquisition.
The acquisition will add to GRI’s material handing tire footprint in Europe, complementing its distribution networks in Germany, France, Spain, Netherlands, Italy and the Baltic, GRI says.