Trelleborg, through its business area Trelleborg Wheel Systems, has signed an agreement to acquire Maine Industrial Tire, a U.S.-based market leader specializing in solid tires for vehicles such as forklifts. The acquisition complements Trelleborg’s already strong presence and product portfolio in the segment.
Maine Industrial Tire’s headquarters is in Massachusetts, U.S., while its production facilities are located in Pennsylvania, U.S., and Xingtai (Hebei), China. Annual sales amount to approximately SEK 600 M and approximately 650 people are employed in the company.
The bolt-on acquisition is part of Trelleborg’s continued strategy to strengthen its positions in attractive and profitable market segments. The transaction broadens Trelleborg’s product portfolio within the industrial tires segment, enabling Trelleborg to maintain its global leadership in the supply of solid tires.
“The acquisition strengthens our position as a global leader and a strong local business partner, not least in the world’s two largest industrial tires markets China and North America. The product range produced complements our existing offering within the industrial tires segment, focused on solid tires used in warehousing, logistic operations and airports. The acquired company has a highly attractive portfolio of advanced products and favorable profitability performance,” says Maurizio Vischi, Business Area President, Trelleborg Wheel Systems.
In addition to solid tires for vehicles such as forklifts, the acquired company also develops and produces solid specialty tires for areas such as construction, underground mining and waste management. The facility in China is adjacent to the operation that Trelleborg acquired in the first quarter of 2011 from the Chinese subsidiary of Maine Industrial Tire.
Synergies are expected to be generated on integration of the acquired company into Trelleborg’s structure.
The acquisition is expected to be completed in the fourth quarter of 2012.
Trelleborg is a global industrial group whose leading positions are based on advanced polymer technology and in-depth applications know-how. Trelleborg develops high-performance solutions that seal, damp and protect in demanding industrial environments. The Trelleborg Group has annual sales of about SEK 22 billion, with about 15,500 employees in over 40 countries. The Group comprises three business areas: Trelleborg Sealing Solutions, Trelleborg Wheel Systems, and Trelleborg Engineered Systems. In addition, Trelleborg owns 50 percent of TrelleborgVibracoustic, a global leader within antivibration solutions for light and heavy vehicles, with annual sales of SEK 13 billion and about 8,000 employees in 17 countries. The Trelleborg share has been listed on the Stockholm Stock Exchange since 1964 and is listed on the NASDAQ OMX Nordic List, Large Cap.