http://www.lankabusinessonline.com/fullstory.php?nid=1417884658
The acquisition was made through Sun Tyre & Wheel Systems, part of the TVS Group, the reports by Tire Review and Crain News Service said.
Watts Lanka, which makes solid industrial tires and which will be renamed, was a joint venture between Watts Tyres of the United Kingdom and KVK Invest JSC of Bulgaria, principal shareholder in Balkancar Zarya.Sun Tyre & Wheel Systems, which has a global distribution network, has expanded its manufacturing facilities in India but still finds itself short of capacity, the report said.
The acquisition of the Sri Lankan company will add capacity and ease delivery pressures, it said.
It will also provide 'strategic location advantages" by establishing a base for the firm in Sri Lanka, which is known as the world’s centre for solid tire making.
Sun Tyre has already begun work to add more manufacturing equipment at its newly acquired Sri Lankan unit to increase the base capacity in Colombo.
The acquisition of the Sri Lankan company will add capacity and ease delivery pressures, it said.
It will also provide 'strategic location advantages" by establishing a base for the firm in Sri Lanka, which is known as the world’s centre for solid tire making.
Sun Tyre has already begun work to add more manufacturing equipment at its newly acquired Sri Lankan unit to increase the base capacity in Colombo.
