Apollo Tyres acquires Reifencom GmbH in €45.6 million deal.
In a deal worth €45.6 million, Apollo Tyres has acquired Reifencom GmbH, one of the largest tyre distributors in Germany. Reifencom GmbH has an online presence in 6 countries - Germany, France, Italy, Austria, Switzerland and Denmark. Additionally, it operates 37 stores and service centres across Germany.
The acquisition is a strategic move by Apollo Tyres to expand its reach in European markets by increasing the visibility of Apollo and Vredestein tyres in the offline and online retail space.
Neeraj Kanwar, Vice Chairman and MD, Apollo Tyres Ltd, says one of the reasons why Reifencom was chosen is because the company has an efficient logistics system in place, making tyre and wheel purchases easier for customers, particularly during peak periods like spring and autumn.
Courtesy : Team BHP