DURHAM, England—The existing management of Colway Tyres, a major manufacturer of bead-to-bead remolded tires, with the support of an outside entrepreneur named Rod Templeman and the investment firm NatWest Ventures, has purchased the company from its former French owners. Terms of the deal were not released, but a report published in the United Kingdom put the total funding for the transaction at about $19 million. Mr. Templeman will serve as chairman.
In the U.S., Colway's remolds are imported by Akron-based Alexander Group International Inc.
FURSTENWALDE, Germany—Pneumant Reifen GmbH has reopened its Furstenwalde factory just 10 months after revealing plans to convert the 50-year-old plant from a multi-product format to one dedicated solely to passenger tires.
Pneumant, the former East German tire maker bought in January 1995 by Sumitomo Rubber Industries Ltd., has invested nearly $27 million thus far in the conversion, which ultimately will result in a daily capacity of 6,500 tires.