Hankook agrees to acquire German independent tyre distributor
Hankook has agreed to acquire 100% equity stake in Reifen-Mueller, one of Germany’s largest independent tyre wholesalers and retailers.
The acquisition amount has not been disclosed.
The acquisition will include Reifen-Mueller’s sales distribution affiliate company, Reifen-Mueller KG, and retreading business Reifen-Mueller GmbH & Co. Runderneuerungswerk KG.
With the acquisition, Hankook will expand its distribution channels in Europe, laying down the basis for strengthening the company’s global distribution competitiveness.
Furthermore, Hankook Tire will leverage Reifen-Mueller’s 44 service centres as strategic bases to expand its business by solidifying its distribution networks. Through the distribution network that sells global multi-brands along with its own products, Hankook Tire will further complete the existing customer-oriented distribution system that thoroughly reflects the needs of consumers.
Founded in 1966, Reifen employs more than 700 staff and owns 44 service centres in Germany, selling a wide range of tyres, from passenger car, and light truck to heavy truck and bus tyre segments as well as motorcycle and agricultural tyres. Both the current owners, as well as the acting management of Reifen Mueller will continue to serve as group management of the company.