DANVERS, Mass.—Maxam Tire Latin America (LATAM) announced it will acquire and control the full equity interest in the company's joint venture previously in place with Oriente Triangle Latin America's Gustavo Lima and Marco Zigni, effective Oct. 31.
The JV was created in 2015. It was structured to expand the equity of the Maxam Tire brand within the Latin America region and establish a new strategic partnership in the specialty tire business, Maxam said.
"We truly appreciate all of the work done by our Maxam LATAM partners in the region," Troy Kline, president of Maxam Tire North America, said in a statement. "The business has done extremely well under their leadership, but we feel the time is right to transition the management of this business in-house to realize our long-term strategic objectives."
The specialty tire manufacturer and distributor said the brand remains committed to supporting its customers.
"Marco (Zigni) and I are proud to have been Maxam Tire's Latin American partner for many years," Lima said. "Maxam has grown exponentially over the last six years and has decided to control its global footprint from their home base. We wish them the best going forward."