Magna Tyres Group recently acquired Fennell Tyres International. Based in Australia, Fennell Tyres International is known for its competitively priced, high quality OTR, mining and TBR tyre solutions. Magna Tyres recognizes the demand for high quality off the road tyres in Australia and the value of a long-term relationship with customers.
Magna Tyres’ main goal is to strengthen its position worldwide. The acquisition provides additional growth opportunities and increase on tyre volume. It also fulfils the long lasting desire to support Australian customers with fullservice tyre solutions.
Michael de Ruijter, CEO-President of Magna Tyres Group, said in a statement: “We were attracted to Fennell Tyres International by the common vision on expanding both companies and product portfolio. Our goal is to increase sales to EUR600m within 5 years and strengthen our position as the largest 2nd-tier supplier of Off-The-Road tyres and service provider in the world.’’.