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Premia Group buys Watts Tyre Group

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Premia Group Ltd. has acquired the Watts Tyre Group, an industrial tire manufacturer and distributor, from Watts of Lydney Group. Watts Tyre Group will continue to trade under the Watts name.

"Despite the economic downturn, the group is well-positioned both structurally and financially, and we intend to expand and develop our global presence as a leading partner to the materials handling industry," says Primia CEO Jean-Paul Mindermann.

"We will continue to focus on the development of our tire and wheel product range, and will also be investing in our service portfolio during 2010, including significant investment in systems development and moble service equipment."

Watts has operations in the United Kingdom, France, Germany, the United States, Mexico and Uruguay. They export to 60 countries.

Premia is a private consortium owned by Mindermann, Paul Morey and Andreas Karnein, who were part of the senior management team at Watts Tyre Group.

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