Watts Tyre Group in management buy-out

ERJ staff report (RD)

Lydney, UK - Watts Tyre Group, an industrial tyre producer and distributor, has been acquired by the Premia Group Limited - a private consortium owned by the former chief executive, finance director and technical director of Watts, a 26 Oct company statement has revealed.

“We are delighted to be able to announce the completion of this deal; we believe that it will deliver a number of benefits to staff and customers alike,” said ceo Jean-Paul Mindermann. “Despite the economic downturn the 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,” he added.

Watts, which will continue to trade under the same name, will focus on the development of its tyre and wheel product range as well as investing in its service portfolio, systems development and mobile service equipment in 2010, the statement said.

The company currently has operations in the UK, France, Germany, US, Mexico and Uruguay.

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Press release from Watts Tyre Group