Magna Tyres Group to Acquire Fennell Tyres International

Magna Tyres Group to Acquire Fennell Tyres International

Fennell Tyres International is known for its competitively priced, high-quality OTR, mining and TBR tire solutions.

Magna Tyres Group, a second-tier Off-The-Road (OTR) tire supplier, has acquired the Australia-based company Fennell Tyres International. Financial details were not disclosed.

Fennell Tyres International is known for its competitively priced, high-quality OTR, mining and TBR tire solutions. Magna Tyres recognizes the demand for high-quality, off-the-road tires in Australia and the value of a long-term relationship with customers. Magna Tyres’ main goal is to strengthen its position worldwide. The acquisition provides additional growth opportunities and increase on tire volume. It also fulfils the long-lasting desire to support Australian customers with full-service tire solutions.

Michael de Ruijter, CEO and President of Magna Tyres Group, said in a statement, “We were attracted to Fennell Tyres International by the common vision on expanding both companies and product portfolio. Our goal is to increase sales to 600 million Euros within five years and strengthen our position as the largest second-tier supplier of off-the-road tires and service provider in the world.

“The acquisition shows that Magna Tyres is on the right track to achieve this goal and that there will be more acquisitions in the near future,” he added. “This addition to the worldwide footprint of Magna Tyres gives the global turnover a boost. The net sales of Fennell Tyres International is approximately AUD 20 million plus.

“We are excited that the combined company will collaborate on improving tools and technologies, both companies are confident this combination will enable us to provide better service for our current and potential customers. We listen to our customers and always try to support them with the best tire solutions. Our goal is to establish a long-term partnership rather than a short-term success,” concluded de Ruijter.

Formed in 2005 including current director’s Aldo Gismondi and Bruce Walker, Fennell Tyres International provides on-site earthmover and Truck tyre services for mining, transport and civil contracting operations and equipment. The professional and safety conscious service personnel have numerous years of industry experience. They provide the right advice and the right product at the right price. All the employees will join Magna Tyres Group upon completion of the transaction.

Aldo Gismondi, managing director of Fennell Tyres international, added, “The relationship between Magna Tyres and Fennell Tyres International has been evolving for many years now and it was only natural that the synergies that both companies share has brought us together.” 

You May Also Like

SKF Aims to Eliminate Greenhouse Gas Emissions 

SKF joined and co-funded Mission 0 to help deliver solutions to eliminate GHG emissions in materials, production and end-of-life of passenger cars.

SKF Aims to Eliminate Greenhouse Gas Emissions 

SKF announced it has joined and co-funded Mission 0 to help develop groundbreaking technologies and deliver solutions to eliminate greenhouse gas (GHG) emissions in materials, production and end-of-life of passenger cars. In an initial pilot project, SKF said it will collaborate with academia and industry experts in a research arena to solve GHG emissions in materials and processes that require new knowledge or disruptive technologies.

Polestar Performance SUVs on Display in New York

The Polestar 3 and Polestar 4 will be showcased at the NY International Auto Show for the first time.

Polestar Performance SUVs on Display in New York
Corteco Strengthens Expansion in Southeast Europe

Freudenberg Sealing Technologies’ aftermarket unit opens a warehouse in Turkey and a sales office in Serbia.

Corteco Strengthens Ambitions in Southeast Europe
Marelli Presents New Interior Innovation Center

The location is implementing three key initiatives inspired by the theme, “What’s next? Innovation for the new era.” 

Marelli presents its new Interior Innovation Center
Analysis: Post-Covid Years for Expats, Int’l. Business Travelers

Allen Koski discusses how artificial intelligence is affecting global healthcare trends, among other topics.

Analysis: Post-Covid Years for Expats, Int'l. Business Travelers

Other Posts

HDA Truck Pride Member Southside Trailer Service Expands

The company acquired PBS Brake & Supply in Syracuse, NY.

HDA Truck Pride Member Southside Trailer Service Expands
Yokohama to Build New Tire Plant in Mexico

The facility is set to begin production in early 2027, with a planned annual output of 5 million tires. 

Yokohama Tire Plant Mexico
Gogoro Partners with Copec on Battery Swapping

Copec is developing a Latin American network of battery-swapping stations for launch at its service stations.

Hyundai Motor, Iveco Group Partner on Electric H-D Trucks

They signed a Letter of Intent on March 14, reinforcing their partnership on electric heavy-duty truck solutions in European markets.

Hyundai Motor, Iveco Group Partner on Electric H-D Trucks