Mitas parent company Trelleborg sold to Yokohama
The ongoing trend of consolidation in the international tyre industry has continued with news that Trelleborg Wheel Systems, the owner of Mitas Tires (among other brands), has been sold to The Yokohama Rubber Cp., Ltd in Japan, which is renamed 'Yokohama TWS' as a result.
The news of the intended acquisition was first announced last year, but the regulatory approval process (in Europe and Japan) has meant that it was only in May that the deal was finally announced as "successfully completed" - for € 2,074m. Following last year's announcement, "Trelleborg Wheel Systems was pleased to announce the acquisition by The Yokohama Rubber Co., Ltd.".
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| Paolo Pompei, former President of Trelleborg Wheel Systems and current President and CEO of Yokohama TWS. |
Headquartered at Hiratsuka, Japan, Yokohama "is a global leader in the tyre industry and other rubber applications, such as conveyor belts, hoses and couplings and fenders. With 860.5bn yen in revenues (approx.
€ 6bn), The Yokohama Rubber Co., Ltd. is a truly international concern, employing over 28,000 people around the globe and operating in more than 120 countries".
A Yokohama statement continued to state that the acquisition enables Yokohama "to consolidate its leading position among tyre producers in the world, becoming a global leader in the off-highway tyres segment with the addition of Trelleborg, Mitas, Maximo, Cultor brands and the Interfit service network to its portfolio".
Paolo Pompei, former President of Trelleborg Wheel Systems and current President and CEO of Yokohama TWS, is quoted as saying that TWS had closed a successful chapter in its history with the Trelleborg Group and is "opening a new page with a leading player in the tyre industry, sharing our values and vision for the future.
"Over the last few years, we have delivered continuous business growth, combining strategic acquisitions with dedicated investments, and this has allowed us to build a strong and sustainable platform supported by a global manufacturing footprint, innovative products and solutions and an extensive sales network in close proximity to our customers.
"I'm extremely proud of what the TWS team has been able to achieve so far, and we are all honoured that Yokohama has decided to invest in us, building, together with their existing business, a new leading player in the off-highway segment."
