GREENBACK, Tenn. (Dec. 5, 2011) — Chinese machinery maker Qingdao Mesnac Co. Ltd. has acquired tire equipment maker Wyko Tire Technology Inc. for an undisclosed sum.
The Wyko operation retains the Wyko brand and name. Previous owners in the company, Ian Smith and David Jones, will remain as directors of the Wyko business and will work with Mesnac to identify opportunities for growth, product innovation and diversification, Wyko said.
Mesnac recently set up a European technical center from the remains of the former Matador S.A. machinery operation in Slovak Republic and steadily has improved its technological position among Western tire makers as well as Chinese companies, Wyko said.
“The development of the next generation of integrated tire tooling will be greatly enhanced by the support from Mesnac's extensive R&D facilities in Asia and Europe,” Messrs. Smith and Jones said.
Greenback-based Wyko specializes in tire-building drums and associated ancillaries. It operates a sales and engineering service operation in West Midland, England, and is involved in a four-way trading partnership with companies in Japan and England covering a wide range of equipment and services to the tire industry.
Mesnac principally is engaged in equipment manufacturing and software industries, providing application software and equipment products for the rubber and tire industries.
Earlier this year, in an unrelated matter, two former engineers with Wyko were sentenced to four years' probation and 150 hours of community service, eight months after being convicted in Knoxville, Tenn., federal district court of 10 felony counts connected with stealing trade secrets from Goodyear.
Clark A. Roberts and Scott E. Howley were convicted of charges including conspiracy to commit trade secret theft, unlawful photography of trade secrets, transmittal of trade secrets, wire fraud and conspiracy to commit wire fraud.
This report appeared on the website of European Rubber Journal, a U.K.-based sister publication of Tire Business.