COLOMBO, Sri Lanka (Oct. 25, 2010)—Sun Tyre & Wheel Systems, part of India's TVS Group, has acquired Watts Lanka Pvt. Ltd., a solid industrial tire maker in Colombo.
Watts Lanka Pvt. Ltd. was a joint venture between Watts Tyres Ltd. of England and KVK Invest JSC of Bulgaria, principal shareholder in Balkancar Zarya P.L.C.
The acquisition of the Sri Lankan company will add needed capacity and considerably ease delivery pressures, and provide strategic location advantages by establishing a base in the world's center for solid tires, Sun Tyre said. Work already has begun on adding more manufacturing equipment to increase the base capacity in Colombo.
Production and shipment from Sri Lanka will commence within the next four weeks, Sun Tyre said.