Yokohama Rubber Co. has said it will buy Israel's Alliance Tire Group for $1.18 billion from private equity company KKR. The company, which was once on the brink of bankruptcy, was sold to KKR three years ago for $500 million.
Passenger tire company Yokohama Rubber, which plans entering the agricultural and forest machinery market in which Alliance tires has expertise, expects to complete the acquisition by July 1.
Alliance tires in Hadera is owned by India's Alliance Tire Group (ATG), which manufactures and sells tires to 120 countries. 20% of ATG's operations are in Israel which leads in the development of innovative tires. 650 out of the company's 3,000 employees are in Israel with the remainder in India. Israel's Isia Tchetchik has served as the company chairman since 2002.
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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