Goodyear Dunlop Tires Europe to purchase remaining shares in Sweden's Dackia retail chain
Goodyear Dunlop Tires Europe, an affiliate of Goodyear Tire & Rubber Co., has agreed to buy the outstanding shares of one of Sweden's major retail tire groups, Dackia.
Goodyear Dunlop currently owns 50% of the shares with the remaining being primarily owned by Procuritas and Dackia management. Financial terms of the deal were not disclosed. Goodyear Dunlop expects to complete the purchase of the chain by the end of June.
Dackia has more than 60 company-owned stores, as well as 31 contract partners throughout Sweden, and annual sales revenue of approximately $65 million.
"Since Goodyear originally purchased its 50% stake in Dackia in 1995, the company has been very impressed with the performance of Dackia's
management team, which has developed a very loyal customer base," said Michael Roney, president of Goodyear Dunlop Tires Europe.
"We intend continuing giving support to the current team while at the same time developing new initiatives, which will help the organization's profitable growth. The Dackia acquisition is part of our ambition to increase service levels to all customers in Nordic and an important milestone in our commitment to accelerate growth."
Dackia retailers sell a wide range of tires, including Goodyear, and offer other automotive-related services.