Magna Tyres Group acquires the Australian based company Fennell Tyres International. Formed in 2005 including current director’s Aldo Gismondi and Bruce Walker, Fennell Tyres International provides on-site earthmover and Truck tyre services for mining, transport and civil contracting operations and equipment. Magna Tyres’ main goal is to strengthen its position worldwide. The acquisition provides additional growth opportunities and increase on tyre volume.
Michael de Ruijter, CEO-President of Magna Tyres Group, said in a statement, “we were attracted to Fennell Tyres International by the common vision on expanding both companies and product portfolio. Our goal is to increase sales to 600 million Euros within 5 years and strengthen our position as the largest 2nd-tier supplier of Off-The-Road tyres and service provider in the world.’’
“The acquisition shows that Magna Tyres is on the right track to achieve this goal and that there will be more acquisitions in the near future. This addition to the worldwide footprint of Magna Tyres gives the global turnover a boost. The net sales of Fennell Tyres International is approximately AUD 20 million plus.’’
“We are excited that the combined company will collaborate on improving tools and technologies, both companies are confident this combination will enable us to provide better service for our current and potentional customers. We listen to our customers and always try to support them with the best tyre solutions. Our goal is to establish a long-term partnership rather than a short-term success.’’
“The relationship between Magna Tyres and Fennell Tyres International has been evolving for many years now and it was only natural that the synergies that both companies share has brought us together “, says Aldo Gismondi, Managing Director of Fennell Tyres international.’’