LETCHWORTH, England-Japan's largest trading company, Itochu Corp., has purchased tire wholesaler and retailer Stapleton's (Tyre Services) Ltd. for an undisclosed amount. An Itochu spokesman called Stapleton's the United Kingdom's largest tire wholesaler, with annual sales of about $61.8 million. It will provide ``the ideal base from which to develop our tire distribution business in Europe,'' he said.
Itochu has more than 850 subsidiaries worldwide with combined sales of more than $165 billion.
Chinese maker's stock to trade
CHINESE MAKER'SSTOCK TO TRADE
SYDNEY, Australia-Guangzhou Rubber Factory No. 12-now 70-percent owned by Bermuda-based Pearl River Tyre (Holdings) Ltd.-has become Guangzhou Pearl River Tyre Ltd. and plans to raise $35 million through a listing on the Australian stock exchange, where it hopes to sell 45 million shares.
The company intends to use the proceeds to double its current annual capacity to 2 million truck and bus tires and to obtain radial capacity, either through acquisition or construction.
The firm expects pre-tax earnings of $2.1 million this year on sales of $42 million; $17.4 million on $90 million by 1996.