Newsletter #333 (View other news stories)
Watts acquisition enhances UK presence
LYDNEY, United Kingdom
Thursday, 25 Oct 2007
Watts Tyres plc has acquired Mobile Industrial Tyres Ltd to boost its presence in the south east of England.
Essex-based Mobile Industrial Tyres will be integrated into Watts Industrial Tyre Services (WITS), Watts’ UK operations.
Mobile Industrial Tyres Ltd managing director Edward Woolley will be managing director of WITS. All 10 of Mobile’s employees will join WITS.
Watts Tyres plc chief executive Jean-Paul Mindermann says Woolley has over 20 years’ industry experience covering the "supply/fit, wholesale and OEM markets" and will focus on further developing the UK service operation.
"This acquisition reinforces our position as a business that is focused on and dedicated to the materials handling industry," he adds.
Mindermann says the industry remains challenged by the rising prices of natural rubber, steel and carbon black.
"The downstream effects of 2006’s massive fluctuations in raw material costs are still evident across the industry and require careful management."
WITS serves the UK materials handling industry – OEMs, forklift dealers and tyre dealers – through depots across the UK and a mobile fitting service. It has 100 employees and is headquartered in Gloucestershire.
Watts Tyres plc has operations in the UK, France, Germany, US and Mexico and a distribution network in 60 countries.
The acquisition value was not disclosed.
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