Monday, December 2, 2013

Apollo’s transaction with SRI

Apollo Tyres Ltd has closed the transaction with Sumitomo Rubber Industries (SRI), where in SRI takes over Apollo Tyres South Africa including the Ladysmith passenger car tyre plant and Dunlop brand rights in 32 countries of Africa for US$ 60 million. Apollo retains the Durban plant which manufactures Truck & Bus radial tyres and Off Highway tyres used in the mining and construction industries. Post this transaction, Apollo Tyres will continue to sell Apollo, Vredestein and Regal branded tyres in Africa. Both companies will also undertake contract manufacturing of their respective brands at each other’s facility to have locally manufactured products available for the market.

Read lot more in Rubber4U – 15th December 2013 issue

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