JK Tyre purchases Tornel
India news agencies are reporting JK Tyre & Industries Ltd. has acquired 100% of the shares of Mexican tire company CIA Hulera Tornel.
The company`s board approved the acquisition on April 11 and closing of the transaction took place on June 13.
The acquisition helps JK Tyre substantially increase its global footprint. "Strategic location of Mexico offers Tornel free access to the NAFTA trade block and emerging economies of central and southern America," the report notes.
Tornel has a distribution network of 241 distributors and 282 sales outlets across Mexico.
With this acquisition, JK Tyre would have an annual capacity of 15.3 million tires and a combined turnover exceeding $1 billion, according to the report.