EPE, The Netherlands (March 13) — Tire machinery maker VMI Epe Holland B.V. has bought 49 percent of Advanced Rubber Technology B.V. as part of a plan to jointly develop and manufacture bead-making and -apexing equipment for the tire industry.
Oldenzaal, Netherlands-based ART will continue in Oldenzaal under the management of founder Rob Franke, VMI said. The bead-making and -apexing products of both VMI and ART will be sold under the brand name VMI-ART.
Financial details of the deal were not disclosed.
ART was established in 1989 and has gained wide recognition in the market for its patented and integrated bead-making and -apexing systems.
Both companies expect that the market will benefit from their joint efforts by accelerating in product development, improved service and the economy of scale.
ART generates about $5 million in annual sales with nine employees. VMI parent TKH Group said it expects ART to contribute positively to earnings this year.