Magna Tyres Group, has announced it has acquired the Australian based company Fennell Tyres International. Financial details were not disclosed.
Fennell Tyres International is known for its competitively priced, high quality OTR, mining and TBR tyre solutions. Magna Tyres recognised the demand for high quality off the road tyres in Australia and the value of a long-term relationship with customers. The acquisition provides additional growth opportunities and increase on tyre volume. It also fulfils the long lasting desire of Magna Tyres to support Australian customers with full-service tyre solutions.
Michael de Ruijter, CEO-President of Magna Tyres Group, said in a statement, “we were attracted to Fennell Tyres International by the common vision on expanding both companies and product portfolio. Our goal is to increase sales to 600 million Euros within 5 years and strengthen our position as the largest 2nd-tier supplier of Off-The-Road tyres and service provider in the world.’’
“The acquisition shows that Magna Tyres is on the right track to achieve this goal and that there will be more acquisitions in the near future. This addition to the worldwide footprint of Magna Tyres gives the global turnover a boost. The net sales of Fennell Tyres International exceeds AUD 20 million per annum.’’
“We are excited that the combined company will collaborate on improving tools and technologies, both companies are confident this combination will enable us to provide better service for our current and potential customers. We listen to our customers and always try to support them with the best tyre solutions. Our goal is to establish a long-term partnership rather than a short-term success.’’
“The relationship between Magna Tyres and Fennell Tyres International has been evolving for many years now and it was only natural that the synergies that both companies share has brought us together”, says Aldo Gismondi, Managing Director of Fennell Tyres international.
Formed in 2005 by current directors Aldo Gismondi and Bruce Walker, Fennell Tyres International provides on-site earthmover and truck tyre services for mining, transport and civil contracting operations and equipment. The professional and safety conscious service personnel have significant industry experience. All existing employees will join Magna Tyres Group upon completion of the transaction.
Magna Tyres Group is a Dutch supplier of premium quality Off-The-Road (OTR), Industrial, Port Handling and Truck (TBR) tyres. Magna Tyres was founded in 2006 and in a very short period of time, Magna Tyres has become an established name in the international tyre market.