ROVERETO, Italy — Marangoni S.p.A. has sold its solid tire manufacturing and distribution assets to Onyx Group, a Dubai, United Arab Emirates-based diversified entity with holdings in transportation, engineering and trading.
Financial terms on the agreement were not disclosed.
The deal — an extension of a cooperation agreement the two companies signed in January — includes a provision for Maranangoni to provide Onyx with tires made at its Rovereto plant as well as rights to the Marangoni brand name related to solid tires along with the Jumbo, Forza, Eltor and Quickmont trademarks.
Under the deal's terms, Onyx has bought Marangoni Industrie Manutention, a trading company based in France; Wenzel Industrie G.m.b.H., a trading company based in Germany; Marangoni Industrial Tyres S.r.l., a commercial company based in Italy; and Marangoni Industrial Tire Lanka, a company based in Sri Lanka.