PRINCETON, N.J. — Intermodal equipment provider TRAC Intermodal has acquired assets relating to the tire services division of Core Fleet Inc., a deal that will allow TRAC to provide tire wholesale, service, parts distribution and retreading to the intermodal and commercial trucking industries.
Princeton-based TRAC is setting up a new subsidiary, TRAC Tire Services L.L.C., to oversee the new business, which will operate out of a 102,000-sq.-ft. facility being set up in Florence, Ky., that will accommodate an expanded production facility, warehouse space and administrative offices.
The new facility will enable TRAC Tire to double the retread manufacturing capacity of the assets being acquired, which had been operating as Retread America since 2008 under Core Fleet's ownership.
That business has provided new tire wholesale and parts distribution, and has been a significant supplier to the tire retread market since its inception, TRAC said. Retread America operated an Oliver Rubber-system retread plant in Florence and carried major tire brands such as Michelin, BF Goodrich, Hankook, WestLake and Iron Man.
TRAC did not say whether it would continue operating under the Oliver system or what brands it intends to carry.
Financial terms of the deal were not disclosed.
"This acquisition will enable us to provide improved fleet tire solutions to our customers while controlling their quality and cost," Jennifer Polli, president and CEO of TRAC Intermodal said.
"The mission of TRAC's new subsidiary is to supply customers with high quality, comprehensive services, including tire wholesale, parts supply, maintenance and retreading, to meet their commercial fleets' needs," she said.
TRAC Intermodal claims to be North America's largest provider of intermodal marine equipment and chassis pool manager, with a fleet of about 180,000 marine and specialty chassis available in North America.
TRAC Intermodal began in 1968 as Interpool Ltd., a company that provided dry-freight containers under long-term leases to the world's largest shipping lines.