Apollo Tyres says it has acquired one of the largest tyre distributors in Germany, Reifencom, for EUR45.6m (US$48.6m).
Reifencom has an online presence in six countries: Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany.
Go deeper with GlobalData
“The acquisition is a fit in further growing our European business,” said Apollo Tyres vice chairman and managing director, Neeraj Kanwar.
“It will enable Apollo to improve its mix of distribution channels in Germany and Europe and aid in increasing the visibility of Apollo and Vredestein tyres in the offline, especially the fast growing online retail space.”
