Myers enters JV with Indian aftermarket firm

AKRON (June 12, 2013) — Myers Tire Supply International Inc., a subsidiary of Myers Industries Inc., has initiated a joint venture with an India-based tool distributor.

Myers said it is joining with TVS Automobile Solutions Ltd. (TASL) to distribute tools, supplies and equipment into the fast-growing Indian automotive aftermarket. The new company is called Myers Tyre Supply India Ltd. Inc.

John C. Orr, president and CEO of Akron-based Myers Industries said the company is "pleased about expanding our long term relationship with TVS ASL, a leading automotive aftermarket company in India. Our small investment in this joint venture aligns with the geographic expansion strategy for our Distribution Segment.

"The global presence of Myers Tire Supply, which excels in providing tools and consumables to independent tire dealers and tire retreaders, complements TVS' strength in equipment sales to automobile dealers in India."

R. Dinesh, joint managing director of TVS, said the deal moves the firm's "decade-long relationship with Myers Tire Supply to the next level, allowing us to bring in a strong player to the tools and consumables market.

"Together we will form an important piece of the aftermarket service solution that TVS ASL endeavors to give to the Auto Industry."

Myers Tire Supply distributes tools, equipment and supplies to tire, wheel and undercar service professionals. TASL, a subsidiary of T V Sundram Iyengar & Sons, has been in the automotive business for more than a century and has total sales of over $6 billion. The company provides a range of aftermarket car services that include multi-brand workshops, 24/7 emergency roadside assistance, tools and garage equipment, extended warranty service for used cars, a Telematics-based vehicle tracking system and immobilizer, car diagnostics, and car insurance services.

According to Bloomberg's Businessweek magazine, TASL was incorporated in 2009 and is based in Chennai, India. It has repair service outlets in Mangalore, Chennai, Kerala, and Hyderabad.