Apollo Tyres to acquire Dunlop for Rs 285 cr

Apollo Tyres is in the process of acquiring South Africa based Dunlop Tyres for Rs 285 crore. Company officials today said that the acquisit...

Apollo Tyres is in the process of acquiring South Africa based Dunlop Tyres for Rs 285 crore. Company officials today said that the acquisition has been approved by its board of directors and the transaction is subject to regulatory approvals in both countries including that of South African competition commission.

‘‘We have been in close contact with the Dunlop management for some time and the acquisition opens up new avenues for Apollo Tyres,’’ said Apollo Tyres CMD Onkar S. Kanwar after the board meeting.

The company recorded a net profit of Rs 16.4 crore in the third quarter-ended December 2005-06, as against Rs 16.8 crore in 2004-04. Net sales are up by 19 per cent to Rs 678.8 crore as compared to Rs 571 crore in the same quarter last year, the release said.

Dunlop Tyres International Ltd’s three manufacturing units in South Africa and Zimbabwe produce the entire range of bias and radial products. Kanwar clarified that post acquisition the current management of Dunlop will continue to work with able support from the Apollo Tyre’s management.

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