7 Nov 2023
Tennessee-based operations to help expand off-highway tire business in the US
Rudrapur, India – Indian tire maker TVS Srichakra is expanding its off-highway operations in the US with a recent move to acquire Super Grip Corp.
Based in Piney Flats, Tennessee, Super Grip has been operational since 1984 and manufactures “high-quality tires” for the industrial segment, according to its website.
In a stock exchange filing 4 Nov, TVS Srichakra said it had executed an asset purchase agreement with Super Grip, through its fully owned subsidiary SG Acquisition Corp.
The transaction, it added, involves transfer of assets, liabilities, and business operations from Super Grip to SG Acquisition “without subscribing to the shares in Super Grip”.
Based in Rudrapur, India and with a factory in the southern city of Madurai, Tamil Nadu, TVS Srichakra primarily manufactures motorcycle, scooter and moped tires.
The company also produces off-highway tires for industrial and farm applications, mainly for exports to the US, Europe, Latin America, Australasia and Middle East.
The acquisition, the value of which was not disclosed, will focus on off highway tire production and help expand business in the US, said TVS Srichakra.
The purchase, said the stock exchange filing, will require “no governmental or regulatory approvals”.
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