LYDNEY, England (Oct. 28, 2009)—Watts of Lydney Group Ltd. has sold its Watts Tyre industrial tire business to Premia Group Ltd., a private consortium owned by three former Watts Tyre executives.
Watts Tyre will continue to trade under the same name and will focus on developing its tire and wheel product range as well as investing in its service portfolio, systems development and mobile service equipment in 2010, the new owners said.
Terms of the deal, which closed Oct. 26, were not disclosed.
The new owners are Jean-Paul Mindermann, Paul Morey and Andreas Karnein, CEO, finance director and technical director, respectively, of Watts Tyre.
“Despite the economic downturn, the (Watts) group is well positioned both structurally and financially, and we intend to expand and develop our global presence as a leading partner to the materials-handling industry,” Mindermann said in a statement.
Watts tires are produced in Sri Lanka, China and Brazil, the company said, and sold under the brand names Premia, Kargo and FMCX. The range includes solid and pneumatic industrial tires in both rubber and polyurethane.
Watts sells tires in North America through its Watts Industrial Tyre Services L.L.C. subsidiary in Rossville, Ga. It also has sales companies in Monterrey, Mexico, and Montevideo, Uruguay, for the Americas, as well as in France and Germany.
Watts of Lydney said it will refocus its business on its activities in the United Kingdom, including the firm's truck and van sales, service and parts business, and its specialist manufacturing companies, Watts Urethane and Plysolene Ltd.