SRI completes acquisition of Micheldever

Sumitomo Rubber Industries (SRI) completed the acquisition of UK based Micheldever Group Ltd. (Micheldever) from Graphite Capital Management LLP.

“Having a greater degree of freedom to expand its business in Europe following the dissolution of an alliance agreement with Goodyear in October 2015, SRI has been active in taking measures to strengthen its production capabilities and expand its sales,” said the company in a statement.

Micheldever is a holding company controlling Micheldever Tyre Services Ltd (MTS), a wholesaler and retailer of tyres in the UK. In addition to sales to over 6,000 retailers and auto-repair shops nationwide in the UK as a tire wholesaler, MTS owns and operates about 100 tyre retail outlets under the “PROTYRE” brand. MTS generates sales of about 6 million tyres per year.

As part of its long-term “VISION 2020”, SRI plans on accelerating its action plan “Business Expansion in Europe and North America” through this acquisition and further developing its business on a global scale.

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