BIRMINGHAM, England (Sept. 28, 2016) — Dunlop Aircraft Tyres Ltd.'s shareholders are seeking new investors to take the business forward, Executive Chairman Ian Edmondson has confirmed.
“Our shareholders are now seeking to find a new investor who is in a position to help the business maintain the outstanding growth record that it has delivered in recent years,” Mr. Edmondson said in a statement provided to Tire Business sister publication European Rubber Journal.
Initial discussions are now under way with “a number of interested parties,” he continued, adding that management remained focused on delivering growth through product innovation and geographic expansion.
“We continue to deliver strong growth and have doubled the size of Dunlop Aircraft Tyres' business since being acquired by AAC Capital Partners in 2007,” Mr. Edmondson said.
According to the spokesman, the company has received initial interest from a broad range of potential investors, from private equity to companies that see aircraft tires as complementary to their existing businesses.
“All of them are attracted to the company because of its excellent growth in recent years and the strategy that is in place to continue to outperform the forecast market growth over the next five years,” he said.
In January 2015 Dunlop Aircraft Tyres secured one of its largest contracts winning a deal to supply tires for Boeing's fleet of C-17 Globemaster III military transport aircraft.
Earlier this year, the company set up its first distribution and retreading facility in North America, in Mocksville, N.C., following the receipt of Federal Aviation Authority approval for its facilities in China and the U.S.
AAC Capital owns 76.4 percent of Dunlop Aircraft Tyres, which reported sales of $72.3 million in 2015.
Shahrzad Pourriahi is a reporter with European Rubber Journal, a London-based sister publication of Tire Business.