A company based in the UAE, the Onyx Group has acquired the Marangoni Group’s solid tire business. The two companies had signed a Memorandum of Understanding back in January regarding the deal and this has now been finalized. The Onyx Group has now acquired all the shares in Marangon’s four firms dealing with solid tires, through its subsidiary Ceylon Steel Corporation (CSCL).
These include Marangoni Industrie Manutention and Wenzel Industrie GmbH which are trading companies based in France and Germany respectively. Marangoni Industrial Tyres S.r.l., is a commercial company based in Italy while Marangoni Industrial Tyres Lanka deals with the production of industrial tires in Sri Lanka.
Marangoni will continue to manufacture solid tires at Marangoni S.p.A.’s factory in Roverto, Italy, as part of an off-take agreement with Onyx. As part of the agreement, Marangoni will license its brand to the Onlyx Group only for the manufacture and distribution of solid tires.
The deal between the two companies will cover Jumbo, Forza, Eltor and Quickmont trade marks. Onyx had stated back in January that its objective in the deal was to increase investment in the tire sector and thus become the largest tire manufacturer in Sri Lanka, which would cater to both local and overseas markets. Onyx had already acquired processes, technological know-how and a production line from Marangoni Group subsidiary Marangoni Meccanica as part of increasing its expertise in passenger car radial sector.
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