Horse tyres acquire Modi tyres
The reporter was informed on July 26, 2011 that, recently, German horse brand tires, one of the world’s leading auto parts suppliers, and the world’s fourth-largest tire manufacturer acquired Modi Rubber Co., Ltd.’s subsidiary, Modi Tire Co., Ltd. (MTCL ) 100% of the shares. As early as April 2011, the German brand tires have been confirmed: they have been liquidated in accordance with relevant laws and regulatory requirements and completed the acquisition. German horse tires spent 18.5 million euros to acquire 100% of Modi Tire Co., Ltd. shares. The parties agreed not to disclose other business details of the transaction. Modi Tire Co., Ltd. has now become a wholly-owned subsidiary of German Horse Brand Tire Company and is renamed "Mainland Brand Tire (India) Co., Ltd.". The new company will mainly produce and sell load-biased radial tires and radial tires for trucks and passenger cars, as well as radial tires for passenger vehicles, mainly in India. When the transaction was completed, Alok Modi, former CEO of Modi Tire Co., Ltd. pointed out: “The employees of Modipuram, Partapur and Delhi factory are very active in cooperation and hope to help the internationally-renowned Germany with its familiarity with the Indian market and the company’s local sales structure in India. Horse Brand Tire Company emerged in the fierce market competition." The registered office of Continental Horse Brand Tire (India) Co., Ltd. is located in Delhi and the production plants are located in Modipuram and Partapur. At present, the team is working together with the new employees, dumping all the resources of the German horse brand tire company to win a good start for the German brand tire (India) company. On August 24th, before the first staff meeting of the Modipuram factory, board member Nikolai Setzer will hold a press conference in Delhi with the heads and managers of the German brand Tire (India), detailing the company's situation. Stainless Wire Rope,Ss Wire Rope,Stainless Steel Rope,Stainless Steel Wire Rope Jiangsu Yasheng Metal Products Co.,Ltd , https://www.yswirerope.com