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In a recent development TVS Group’s Sun Tyre & Wheel Systems has acquired Denmark based Starco Company’s tyre plant located in Colombo, Sri Lanka. According to media reports, the amount of this acquisition has not been disclosed to the public. This plant now becomes Sun Tyre’s third manufacturing facility in Sri Lanka.
The plant became operational in 2014 and will boost Sun Tyre’s overall production capacity by up to 40 percent. Currently, it is producing 1,00,000 tyres per annum. Sun Tyre specializes in producing off-highway tyres, wheels, and assemblies for customers ranging from airports to mining companies.
Starco has said that India based Sun Tyre & Wheel Systems will expand the factory’s volume of production. Moreover, as per the mutual agreement, it will also continue to manufacture Starco’s Gecko, Makhna, Tusker, and Unicorn tyre brands in Sri Lanka. Starco expressed happiness on partnering with Sun Tyre, a part of $10 billion TVS Group. Its CEO, Richard Todd said that they are seeing great potential in future for both the companies, especially in the industrial segment. Joseph Fernando, Sun Tyre’s President also expressed optimism on this “exciting opportunity” that will help their manufacturing potential as well as facilities.
Last year in the month of October, Starco was acquired by Taiwan based Kenda Rubber Industrial Co. Ltd. The acquisition cost Kenda over $21 million. Starco has its presence in the UK, China and Croatia. Read Tyre Industry News Here…!
