Remington Tire Distributors buys President Tire

Sherwood Park, Canada -- Canadian tyre wholesaler Remington Tire Distributors Inc. has announced the takeover of Quebec-based competitor President Tire Canada for an undisclosed sum.

As part of the deal, the subsidiary of Edmonton-based TGI Group will gain control of President's 10 wholesale distribution centres and a dealer network of more than 200 retail franchises.

Both the distribution centres and retailers will operate under the President Tire brand and around 100 President employees will remain with the company.

''This acquisition strengthens Remington's position as the leading wholesale tyre distributor in Canada and increases our presence in Quebec and the Maritimes,'' Remington Tire president Ross Kelly said in a statement.

''We look forward to building on the strong base President Tire has established in the Canadian market and to delivering the high service levels and broad product selection that have long been hallmarks of Remington."