TVS-Owned Sun Tyre & Wheel buys Watts Lanka Factory

Tuesday, 26 October 2010 23:19 - - {{hitsCtrl.values.hits}}

Sun Tyre & Wheel Systems, part of the $6 billion TVS Group of India, has completed the acquisition of Watts Lanka Private Limited, the firm’s solid industrial tyres manufacturing company in Colombo, Sri Lanka, reports tyrepress.com.

No details of how much was paid for the company or of the extent of the new owner’s expansion plans have been released.

Announcing the news Sun Tyre & Wheel Systems said it is “dedicated to serving the world’s material handling industry with a wide range of tyre and wheel solutions covering most applications and operating environments.”

Watts Lanka Private Limited (which will be renamed shortly) was a joint venture between Watts Tyres Limited of the UK and KVK Invest JSC of Bulgaria, principal shareholder in Balkancar Zarya Plc.

One insider told Tyres & Accessories that, as the sale relates to a purchase prior to Watts’ recent buyout, this had been considered as an option for some time, the report added.