 Cherokee runs a tyre exchange program |
Camoplast Solideal Inc has purchased Cherokee Industrial Tires Inc, doing business as Cherokee Tire and based in Lexington, South Carolina. Terms were not disclosed.
"Our tyre business is driven by a balanced mix of strong, long-term relationships with local partners and our own network of service centres," says Pierre Marcouiller, chairman of the board and chief executive officer of Magog-based Camoplast Solideal. "Cherokee Tire has been a valued customer for many years. This acquisition will expand and strengthen the chain between tyre manufacturing, distribution and service."
Cherokee Tire operates 13 facilities that service the US north-east, south and mid-west regions, ultimately reaching into markets in 19 states. Cherokee Tire employed 79 people as of 27 January. All remain on board post-acquisition.
Larry and Kathy Koon founded the Cherokee Tire business in 1978, initially concentrating on end-user and forklift dealer business in the central region of South Carolina. At the time of acquisition, they were no longer active in the company and served as shareholders in an advisory role only. Now, Larry and Kathy Koon will take care of their other business interests.
Members of their family, however, are transitioning from positions with Cherokee to new titles with Camoplast Solideal.
Bruce Koon was Cherokee Tire south region manager and now has a similar role at Camoplast Solideal.
In other transitions for the brothers, Travis Koon was Cherokee vice president of corporate affairs and is now customer service manager for Solideal service centres. Jason Koon was Cherokee vice president of operations and now is service director for Solideal service centres. Jonathan Koon was Cherokee vice president of sales and now is sales director for Solideal service centres.
The acquisition was announced and implemented on 27 January but, for accounting purposes, was effective 1 January.
Operations of Camoplast Solideal design, manufacture and distribute off-road tyres, wheels, rubber tracks and undercarriage systems to the materials handling, construction, agricultural and power sports industries. Camoplast Solideal has more than 7,500 employees and operates advanced research and development centres as well as manufacturing plants in the United States, Canada, Europe and Asia.