MAGOG, Quebec (Jan. 29, 2014) — Industrial tire and track maker Camoplast Solideal Inc. has bought Cherokee Industrial Tire of Lexington, S.C., to reinforce its materials-handling service network throughout the U.S. Northeast, South and Midwest.
Financial terms of the deal were not disclosed.
Founded by the Koon family of South Carolina in 1978, Cherokee Tire has grown to 13 distribution facilities serving customers in 19 states throughout the eastern U.S., stretching from Alabama/Georgia, Missisippi in the South to New York in the Northeast to Arkansas/Missouri in the Midwest.
Camoplast Solideal said it has offered Cherokee Tire's 70-plus employees the opportunity to continue to work in the combined service division. Members of the Koon family will take key positions at Camoplast Solideal, strengthening the firm's sales and service team, according to the company.
"Our tire business is driven by a balanced mix of strong, long-term relationships with local partners and our own network of service centers," said Pierre Marcouiller, chairman and CEO of Camoplast Solideal.
"Cherokee Tire has been a valued customer for many years, and this acquisition will expand and strengthen the chain between tire manufacturing, distribution and service — a competitive advantage in today's industrial tire industry," he added.
"Their exceptional service model will allow us to find new and innovative ways to impress our customers."
Jonathan Koon of Cherokee Tire said the companies "share similar entrepreneurial values, and together we look forward to developing a new standard of competitive excellence in our industry."
How have tire prices been in the last few months?
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