Leading tire manufacturer, Hankook Tire has announced that it would be acquiring a 100 per cent equity stake in ‘Reifen-Mueller’, one of the largest independent wholesaler and retailer of tires in Germany. As part of the deal, Hankook will be acquiring Reifen-Mueller GmbH & Co. Runderneuerungswerk KG and Reifen-Mueller’s sales distribution affiliate company, ‘Reifen-Mueller KG’.
Reifen-Mueller is one of the leading tire distributors in Germany and has a history that goes back to 1966. The company has a workforce of 700 employees and has as many as 44 service centers in Germany. It deals with the sales of a diverse range of tires comprising those for passenger cars, light trucks, heavy trucks and buses as well as agricultural tires and motorcycle tires. The company will continue to operate under the supervision of both the current owners, and the acting management of Reifen Mueller will continue to serve as group management of the company.
Through this acquisition, Hankook Tire gains access to a company having one of the most innovative tire distribution models in Germany, a highly competitive market in Europe. Hankook can now thus expand its distribution channels in Europe, and reinforce its distribution competitiveness at the global level.
Hankook Tire also has ambitious plans to expand its business by leveraging Reifen-Mueller’s 44 service centers as strategic bases for strengthening its distribution networks. These service centers, by selling tires from other leading global brands as well as Hankook tires will further enhance Hankook’s current customer-oriented distribution system that caters to the needs of customers.
This acquisition of Reifen-Mueller will give further impetus to Hankook’s drive to establish an innovative distribution system at the global level.
Back in 2017, the Korean tire manufacturer had acquired one of the top tire retail franchise channels in Australia, ‘JAX TYRES’, which helped Hankook to increase its sales in Australia and leverage JAX TYRES’ advanced distribution system to its 4,000 direct and franchised distribution channels globally.
Hankook Tire will continue to follow an organic growth strategy by supplementing this growing distribution network with the construction of large scale manufacturing plants and R&D centers. It will also engage in consistent M&A investments with partners that can provide maximum synergy to reinforce its global competitiveness.
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