Apollo Tyres today announced the acquisition of Reifencom GmbH, one of the largest tyre distributors in Germany for Euro 45.6 million. Reifencom GmbH has an online presence in 6 countries -- Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany.
Neeraj Kanwar, Vice Chairman and Managing Director, Apollo Tyres said that the acquisition "is a strategic fit in further growing our European business. It will enable Apollo to improve its mix of distribution channels in Germany and Europe and aid in increasing the visibility of Apollo and Vredestein tyres in the offline and especially the fast growing online retail space".
The success of Reifencom GmbH is attributed to its highly efficient logistics system, which ensures that there is a guarantee of a high degree of availability of all kinds of tyres and rims, even during busy periods like spring and autumn. With an objective to provide world-class products and services at competitive prices, Reifencom GmbH procures tyres and rims from leading manufacturers, thereby ensuring a high-level of quality.
"It is our privilege to join hands with Apollo Tyres, where the team shares our passion for providing world-class products and customer service," saidOlaf Sockel and Heiko Knigge, Managing Directors, Reifencom GmbH.