Hankook acquiring German distributor Reifen-Mueller
NEU ISENBURG, Germany — Hankook Tire Co. Ltd. is buying Reifen-Mueller, a Hammelburg-Westheim, Germany-based wholesale and retail tire distributor with 44 locations throughout Germany.
Hankook said the deal, which includes the German firm’s Reifen-Mueller G.m.b.H. & Co. Runderneuerungswerk K.G. retreading business, fits with its strategy to strengthen its global distribution system. Reifen-Mueller operates a 430,000-sq.-ft. distribution center in Hammelburg in central Germany, about 65 miles east of Frankfurt.
Hankook said the deal — for which financial terms were not disclosed — will provide a base for it to expand its distribution capability throughout Europe. Hankook lauded Reifen-Mueller for having “one of the most innovative tire distribution models in Germany….”
Founded in 1966, Reifen-Mueller’s product offering covers passenger and light truck to heavy truck and bus tire segments as well as motorcycle and agricultural tires.
The retreading business encompasses Mueller’s own mold-cure system alongside Marangoni S.p.A.’s Ringtread spliceless precure system.
The firm’s owners and the acting management will continue to serve as group management of the company, Hankook said.
Seoul, South Korea-based Hankook Tire said establishing “innovative distribution networks” is part of its strategy to strengthen its global position, along with building “large-scale” plants and research centers.
Engaging in mergers and acquisitions with “partners that can provide maximum synergy to reinforce [the company’s] global competitiveness will be part of that strategy,” Hankook said.