SRI completes acquisition of UK tire retailer

London – Sumitomo Rubber Industries (SRI) has completed the previously announced acquisition of UK-based Micheldever Group Ltd, the Japanese company announced 13 Feb.

The acquisition is part of an SRI drive to expand its business in Europe, following the dissolution of its global alliance agreement with Goodyear in October 2015. 

Micheldever is a holding company controlling Micheldever Tyre Services Ltd. (MTS), a wholesaler and retailer of tires in the UK. 

MTS supplies tires directly to retailers and auto-repair shops in the UK. Additionally, it owns and operates about 100 tire retail outlets under the Protyre brand. 

MTS generates sales of about 6 million tires per year.

SRI’s long-term “vision 2020” envisages business expansion in Europe and North America “through this acquisition and further developing its business on a global scale.”