COLOMBO, Sri Lanka — Specialty tire manufacturer Global Rubber Industries (GRI) has acquired Hungary-based tire distributor ATRA Kecskemet, expanding its reach across Europe.
ATRA, founded more than 30 years ago, has eight branches across Hungary, according to GRI, with a workforce of 50. GRI said ATRA serves some of the largest forklift distributors in the country and has more than 50% of the market share of both material handling and construction tire distribution.
The purchase price was not disclosed.
Giorgio Gramegna, director of Europe at GRI called the acquisition "a strategic move" that "significantly strengthens our business in Hungary for all our key products. Hungary is also ideally located in Europe between Western and Eastern Europe. It brings us closer to all our customers in neighboring countries and has the potential to be a noteworthy logistics and operational hub in the region."
GRI CEO Mahesha Ranasoma said the company is honored to serve Hungarian customers.
"Expanding our footprint across Europe is a key strategic thrust for GRI, as we see immense potential to provide superior services in the continent and secure a significant market opportunity."
Ranasoma noted that GRI already operates in Germany, Spain, France, Netherlands and the Baltics.
Tibor Somos, founder, and managing Director of ATRA, said the company has worked hard to build a "solid business that has earned the respect of our customers, owing to the commitment and dedication of our staff, the quality-of-service, and products we offer. Under GRI's new ownership as well as leadership, I am confident that ATRA will scale to even greater heights."
GRI Managing Director Prabhash Subasinghe called the acquisition an "easy choice, as it services all the categories of GRI specialty tires, and it has maintained an impressive heritage of customer service, professionalism and sustained business growth consistently increasing its market share."
Tibor Somos, founder, and Managing Director of ATRA added further "We are delighted to be part of GRI's global network. I founded ATRA with the aim of providing an excellent service and high-quality tires to all of Hungary, and I am happy to have expanded the business over the past 30 years to greatly achieve that ambition. We have built a solid business that has earned the respect of our customers, owing to the commitment and dedication of our staff, the quality-of-service, and products we offer. Under GRI's new ownership as well as leadership, I am confident that ATRA will scale to even greater heights."
Sri-Lanka-based GRI produces high-grade specialty tires, including material handling solid tires, radial agriculture tires and construction tires.