06 February 2023

Magna Tyres Group expands its global footprint with the acquisition of Tirepoint, one of the largest tyre dealers in South Africa.

Founded in 2004 and operating in the Gauteng, KZN and Western Cape regions, Tirepoint has established itself as one of the largest tyre dealers & service providers in South Africa. The company has an exceptionally strong foundation of tyre industry-related experience and adheres to good business practices created to place the customer first. As an independent, multi-branded organisation with strong supplier relationships, Tirepoint is positioned to consistently provide exactly what clients need.

Michael de Ruijter, President & CEO of Magna Tyres Group stated: "We are excited to welcome Tirepoint to the Magna Tyres Group family. With their expertise and excellent longstanding reputation as well as their ability to satisfy customers with tailor made solutions, Tirepoint is a valuable addition to our global network. It perfectly fits our joint belief of 'Customer First' mentality. With the addition of Tirepoint, our position as largest second tier supplier of Off-The-Road tyres and service provider in the world has been further strengthened. Moreover, it's a giant step forward in our well executed 'Buy & Build' strategy. With this acquisition, The Magna Tyres Group employs over 700 dedicated employees across the globe. We are well ahead of our ultimate goal to surpass our turnover by € 600 million before 2026. Furthermore, it accelerates our growth on the African continent tremendously." Financial details of the acquisition cannot be disclosed.

Andrew Cameron, CEO of Tirepoint South Africa states: "As with everything you need to remain relevant, flexible and able to adapt with the times. To this end, we are very excited about the transaction with Magna Tyres and the extra benefits that will become available for our customers. We believe there is good synergy, like-mindedness and an opportunity to grow the business to a new level. We are looking forward to this new chapter in Tirepoint's life and being a part of Magna Tyres' success!"

As a highly active and experienced OTR and industrial tyre designer and manufacturer, Magna Tyres has a dedicated reputation in the industry for keeping companies 'constantly on the move' by providing the very best tyre solutions so suit their individual operational needs.

Magna Tyres' ultimate trading priority is to constantly strenghten our position in the global market as the largest second tier supplier of Off-The-Road tyres, incorporating Mining & Earthmoving, Underground Mining, Construction, Port & Terminal, Mobile Crane, Solid and Truck tyres.

We are a family owned company who pride themselves on constantly forming valuable business partnerships around the world backed by a team of highly capable and motivated employees to secure successful 'exclusivity' deals.

Want to find out more about this press release? Please contact us at marketing@magnatyres.com.

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