LETCHWORTH, England (Jan. 8, 2008) - Pirelli Tyre S.p.A.´s British unit has sold its 56-store Central Tyre retail chain to Stapleton´s (Tyre Services) Ltd., a subsidiary of Japan´s Itochu Corp.
The deal will double the size of Stapleton´s retail operation to 101 stores from 45 throughout the United Kingdom and add roughly 300 employees to its existing work for of more than 700. The transaction value was not disclosed at this time.
The acquisition makes Stapleton´s the fourth largest player in the sector, according to Stapleton´s Finance Director Taro Ikeba. The parties did not comment on the effect on Stapleton´s annual sales, which were $110 million last year.
Itochu´s U.S. unit recently concluded the sale of Am-Pac Tire Distributors Inc. to American Tire Distributors Holdings Inc.