Apollo Tyres acquires German tyre distributor Reifencom for €45.6 million
Reifencom GmbH has an online presence in 6 countries -- Germany, France, Italy, Austria, Switzerland and Denmark and operates 37 stores and service centres across Germany.
Apollo Tyres today announced the acquisition of Reifencom GmbH, one of the largest tyre distributors in Germany for Euro 45.6 million (Rs 323.28 crore), through its wholly-owned subsidiary Apollo Vredestein BV. 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.
Commenting on the acquisition, Neeraj Kanwar, vice chairman and managing director, Apollo Tyres, 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.
More from Apollo: Company reports 8% jump in net profit in Q2 on lower input costs
RELATED ARTICLES
Tata Elxsi-Renesas MCU for EVs enables cost optimisation, speedier time to market
Modular, scalable design of Motor Control Unit enables integration across diverse EV applications. Claimed to be reduce ...
Bosch hydrogen engine tech-powered truck to be on Indian roads this year
The global supplier of technology and services is betting big on both electromobility and hydrogen. While announcing the...
IIT Bombay inaugurates Arun Firodia Research Floor
IIT Bombay, one of India’s top technical and research institutions, honours Kinetic Group chairman Dr Arun Firodia, one ...