Acquisition Will Enrich GRI's Footprint in Europe
Specialty tire manufacturer GRI has acquired Nortire Oü in Northern Europe. The Nortire Group, headquartered in Estonia, has a branch in Latvia and two branches in Lithuania.
The Nortire Group is a leading distributor of material handling, industrial and construction tires and wheels; rubber tracks; polyurethane wheels; and castors. Its operations span over Estonia, Latvia, Lithuania, Belarus and western Russia. The group also has proprietorship over four large warehouses across the region.
Güenter Fleck, consultant for GRI Europe (Global Rubber B.V), says the acquisition not only will enrich GRI’s material handing tire footprint in Europe, but also complement its distribution networks in Germany, France, Spain, Netherlands, Italy and the Baltic states, "thereby enhancing the level of accessibility to our tires, resulting in reduced lead time to customers and ensuring the continuous growth of GRI’s material handing tires across the region."
Prabhash Subasinghe, managing director GRI, says Nortire founder Tarmo Männasalu grew his businesses and revenues on a noteworthy pace annually, which GRI found attractive.
"This milestone will prove to strengthen and build upon the geographical outreach of GRI. The Nortire Group is, in fact, recognized as the market leader in the product offering of material handing tires. This competitive advantage will propel GRI’s success in the market.”
Männasalu says he has no doubt handing over the reins to GRI "will lead Nortire into prosperous growth and allow for the continued provision of premium tires with outstanding quality and assured performance to our customers."
Global Rubber Industries (Pvt) Ltd. (GRI) is a leading producer of construction, material handling and high performance agriculture tires in Sri Lanka. The company has offices in six countries and sales in more than 50 countries, including the United States.