BRISBANE, Australia — Bridgestone Corp. has completed its acquisition of Otraco International Pty. Ltd., an Australia-based off-the-road (OTR) tire management specialist enterprise.
Headquartered in Brisbane, Otraco offers a portfolio of OTR tire management solutions that track tires across the full lifecycle. It has 860 employees and operations in Australia, Chile and South Africa.
The deal has been pending since April.
Among the company's offerings are on-site tire maintenance services and a computerized Otracom platform, which records real-time data from sensors to manage tires and rims.
The acquisition is part of Bridgestone's mid-term business plan, which calls for investments in the core tire business while also pursuing mergers/acquisitions to enhance "sustainable solutions offering."
The mid-term plan defines the mining tire and solutions business as "an important major business, in which the group continuously and proactively injects its strategic resources."
The acquisition, from Australia-based Downer EDI Ltd, is valued at $56.5 million.