MEMPHIS, Tenn. (April 4, 2002)—TBC Corp.'s acquisition of Cleveland-based Mueller Tire & Brake has been successfully completed, TBC announced.
As a result, Mueller has become part of TBC´s Florida-based subsidiary, Tire Kingdom.
Exact terms of the transaction, which was announced several weeks ago, were not disclosed.
Mueller Tire operated 15 retail tire stores in Northeast Ohio and four in the Columbus, Ohio, area.
"This acquisition serves as an immediate entry for Tire Kingdom into markets in the midwestern United States," Larry Day, TBC president and chief executive officer, said in a statement. "Until now, our Tire Kingdom operations have primarily served replacement tire and automotive service needs in the southeastern United States. From the time TBC acquired Tire Kingdom in June 2000, one of our goals has been to expand its geographic reach outside the Southeast."
The acquisition of Mueller Tire brings the number of Tire Kingdom stores to 204 compared with 182 at the end of 2001. Mr. Day said the number will increase, “as we execute our stated plan of adding at least 20 new company-operated stores during 2002, exclusive of acquisitions."
Mueller Tire was established in 1918 by Walter J. Mueller and most recently was owned and operated by his grandsons, Dean and Scott Mueller.
The Mueller brothers will continue in the tire industry, operating a separate business, Dealer Tire, which they described as "the only national tire and accessory distributor dedicated exclusively to serving the automobile dealer."
As for the former Mueller Tire stores, the four Columbus locations will be transitioned immediately into Tire Kingdom outlets, Orland Wolford, Tire Kingdom president, said when the acquisition was first announced.
Meanwhile, the Cleveland stores will continue to fly the Mueller Tire flag, at least for the time being, since the Mueller name has been established in the area for 84 years, Mr. Wolford said.