DUBAI, United Arab Emirates (July 30, 2008) — Al-Futtaim Trading Ltd. announced an $81.7 million deal to acquire majority control of Sri Lanka tire maker Associated Motorways P.L.C.
The firm, which also makes retreads and other products, is the exclusive distributor of Goodyear tires in Sri Lanka.
Local press reports said the new owners probably will build a solid tire manufacturing plant in Sri Lanka.