Watts Tyres sold to Premia Group
Thursday, 19 November 2009
Lydney, United Kingdom
Watts of Lydney Group has sold Watts Tyres to focus on strengthening its truck and van sales, services and parts business, and its UK manufacturing companies.
The sale of Watts Tyres to Premia Group Ltd allows Watts Group to develop its truck and van operations without exposure to the "risks inherent in the complex international tyre business", the group says in a statement.
John Thurston, group chairman, says the sale of Watts Tyres marks a new chapter in the history of the Watts Group.
"We have been providing services to the transport industry for over 100 years and my grandfather was developing diesel engines in the 1920s ... With GBP50 million (USD82.9 million) in sales and 300 committed employees, we have a firm foundation on which to build our market-leading businesses in the UK," Thurston says.
Watts Truck & Van offers sales, service and parts through its DAF, Fiat and other franchises in seven locations in the UK. The group will also concentrate on its two specialist manufacturing companies, Watts Urethane and Plysolene. Watts Urethane is currently supplying polyurethane wheels for mine clearance equipment used in Afghanistan while Plysolene Ltd based in West Sussex has weathered the global economic downturn well and is about to commission a new polystyrene sheet extrusion line.
The acquisition price for Watts Tyres is not disclosed.
Premia Group Ltd is a company controlled by former senior management of Watts Tyres. Watts Tyres will continue to have its headquarters in Lydney under the new ownership and no job losses are expected.