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Apollo Tyres on Monday said it has acquired Reifencom GmbH, one of the largest tyre distributors in Germany, for €45.6 million. The Germany-based tyre distributor has both online and offline presence.
Reifencom GmbH has an online presence in six countries -- Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany, Apollo Tyres said in a statement.
“The acquisition is a strategic fit in further growing our European business. It will enable Apollo to improve its mix of distribution channels in Germany and Europe and aid in increasing the visibility of Apollo and Vredestein tyres in the offline and especially the fast growing online retail space,” Neeraj Kanwar, Vice-Chairman and Managing Director, Apollo Tyres, said.
With an objective to provide world-class products and services, and that too, at very competitive prices, Reifencom GmbH procures tyres and rims from leading manufacturers, thereby ensuring a high-level of quality, the company said.
The company shares were trading higher by 2.06 per cent at Rs 158.30 on the BSE.
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