CUYAHOGA FALLS, Ohio — Mahansaria Tyres Pvt. Ltd., an Indian start-up company targeting the off-highway tire sector, has struck a deal to buy majority control of U.S. tire distributor Tyres International Ltd. as a first step toward building a North American distribution network.
With this deal, Tyres International will become the U.S. importer and distributor of Mahansaria Tyres' Ascenso brand of agricultural and construction tires. Financial terms were not disclosed.
Mahansaria Tyres (MTPL) is a company founded in 2019 by the father and son team of Ashok and Yogesh Mahansaria in Mumbai.
Yogesh Mahansaria is the former majority owner and CEO of Alliance Tire Group and prior to that an executive with BKT Tyres Ltd. He orchestrated the purchase of Israel's Alliance Tyres in 2007 and then sold majority interest of the expanded enterprises in 2013 to the global investment firm KKR & Co. L.P.
MTPL started commercial production of off-highway tires in September 2020 at its greenfield off-highway tire plant in Panoli, in the western Indian state of Gujarat, becoming the fifth Indian company to specialize in OTR tires.
The plant, with a rated annual capacity of 40,000 metric tons of bias- and radial-ply off-highway tires, represents an investment of $107 million.
Ashok Mahansaria is the firm's chairman, while Yogesh Mahansaria is managing director and CEO.
Tyres International said it will continue to distribute Westlake-brand commercial truck tires and Sunrise-brand commercial truck wheels. The Westlake brand is manufactured by China's Zhongce Rubber Group, which the distributor has represented for over 20 years.
"We have known Marty Bezbatchenko (principal of Tyres International) for more than 15 years and have highest regards for his deep knowledge and experience in the American tire market," Yogesh Mahansaria said.
"We are excited about the partnership with Marty and his son, Michael, who will continue to manage the business for us. We look forward to support TI's development in the coming years."
Mr. Bezbatchenko said: "50 years after the foundation of TI, it is time to set the course for a foreseeable future. The combined offering of Westlake commercial truck tires, Sunrise commercial truck wheels and Ascenso agriculture and construction tires, supported by a strong and dedicated team opens up new opportunities in a highly competitive market."\
Cuyahoga Falls-based Tyres International operates a second distribution center in Sparks, Nev.
This is MTPL's second acquisition of a distributor. Last August it bought Dutch off-highway tire specialist European Agriculture Tyre Distributor (EATD) and relocated its operations to to Wallenhorst, Germany, from Strijen, Netherlands.