Magna Tyres Group to Acquire Fennell Tyres International
Magna Tyres Group, known as the 2nd-tier OTR tyre supplier, acquires the Australian based company Fennell Tyres International. Financial details were not disclosed.
Fennell Tyres International is known for its competitively priced, high quality OTR, mining and TBR tyre solutions. Magna Tyres recognises the demand for high quality off the road tyres in Australia and the value of a long-term relationship with customers. Magna Tyres’ main goal is to strengthen its position worldwide. The acquisition provides additional growth opportunities and increase on tyre volume. It also fulfils the long lasting desire to support Australian customers with full-service tyre solutions.
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.
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 potential 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.
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. The professional and safety conscious service personnel have numerous years of industry experience. They provide the right advice and the right product at the right price. All the employees will join Magna Tyres Group upon completion of the transaction.
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