NEW DELHI, India (June 24, 2008) — J.K. Tyre & Industries Ltd. has completed the acquisition of Mexican tire manufacturer Compania Hulera Tornel S.A. de C.V. and its subsidiaries for $68 million.
The Indian firm announced the deal in April. It gives J.K. Tyre three plants in Mexico that have a combined production capacity of about 17,500 units per day.
Tornel makes passenger, light truck, truck and bus, off-road and agricultural tires.
J.K. Tyre said the acquisition gives it access to the North American Free Trade Agreement trade block and the emerging economies of Central and South America.