Seoul – Hankook Tire is buying 100% shares of German independent tire distributor Reifen-Mueller in a bid to strengthen its global distribution system.
The South Korean company announced 4 July that the acquisition will include Reifen-Mueller’s sales distribution affiliate company, ‘Reifen-Mueller KG’, as well its retreading business ‘Reifen-Mueller GmbH & Co. Runderneuerungswerk KG’.
The transaction amount was not disclosed.
Reifen-Mueller is a leading German tire distributor and was founded in 1966.
The company currently has 44 service centres with 700 employees.
Reifen-Mueller offers a range tires, from passenger car, and light truck to heavy truck and bus tire segments as well as motorcycle and agricultural tires.
Post-acquisition, the current owners and the acting management of Reifen Mueller will continue to serve as group management of the company.
Hankook said it would leverage Reifen-Mueller’s service centres to expand its business and solidify its distribution networks.
Reifen-Mueller will continue to sell global multi-brands along with Hankook, in order to maintain the “customer-oriented distribution system”.
Hankook also noted that it would continue its growth strategy “by building large scale manufacturing plants and R&D centres and establishing innovative distribution networks.”
The company also said that it would engage in M&A investments.