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TVS Srichakra Ltd, makers of TVS Eurogrip, Eurogrip and TVS brand of tyres, has drawn up plans to acquire the US-based Super Grip Corporation as part of its vision to grow in the global off-highway tyre market.
On Friday, the company's board of directors approved the formation of a subsidiary in the United States market ahead of the acquisition plan.
Super Grip Corporation, established in 1984, is engaged in manufacturing of high-quality tyres for the industrial tyre market.
We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally, TVS Srichakra Ltd Director S Ravichandran said in a company statement here.
The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time, he said.
TVS Srichakra recently invested in a new plant at its facility in Madurai to double the off-highway tyre capacity. This investment is largely directed at global markets, the statement said.
The Indian company has manufacturing facilities in Madurai, Tamil Nadu, and Rudrapur in Uttarakhand with a production capacity of over three million tyres a month.
TVS Srichakra's products are available in over 85 countries, the statement added.
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