London-based Zenises, it added, has committed to investing in equipment and technology towards making Vacu-Lug “the most advanced independent retreader in Europe.”
“We are pleased that the business will remain a major employer in Grantham and that Zenises has the capability to develop it further,” said chairman, Chris Langham whose grandfather founded the company 70 years ago.
Post-acquisition, Vacu-Lug management will continue to run the business, according to Jorge Crespo, executive director of Zenises.
Crespo added that Vacu-Lug would “retain its independence, as with all other companies that form part of the wider Zenises group.”
Independence, he said, was “crucial to providing Vacu-Lug’s partners and suppliers with flexibility and dynamic advantage that stems from its position as Europe’s largest independent retreader.”
Vacu-Lug was established by Lewis Morley in Grantham in 1950 to retread tractor tires. The business has developed into a major manufacturer of truck and off-road retreads and commercial vehicle fleet management company.
Zenises describes itself as an international distribution and service company serving the global automotive business. As well as tires, the company lists telematics, lubricants & oils and batteries within its portfolio.