Recently, it was reported by foreign media that the purchase of the ATG (Alliance Tire Group) tire company by Yokohama has been approved by the Indian Competition Commission.
India ATG Tire Company
In March this year, Yokohama reached an agreement with global investment company KKR and other relevant parties to acquire all ATG shares for US$1.17 billion. It is expected that the acquisition will be completed on July 1. At present, this acquisition can be completed in advance.
The reason why the CCI (India Competition Commission) approved this transaction is mainly because both companies are doing business in India. Ukoma’s wholly owned subsidiary in India, Ukoma India Ltd., mainly manufactures tires and related products. And sales of passenger cars and off-road tires. ATG's business covers more than 120 countries. In India, they mainly manufacture and sell OTR tires.
OTR construction tires
The acquisition was a series of ups and downs. At the beginning of March, some media reported that Yokohama was secretly acquiring the company, but then Yuko and ATG did not recognize it. KKR even claimed that the media deliberately hyped it. On March 25, the acquisition was finally confirmed by the government.
The acquisition allows Yokohama to quickly enter two new tire business areas: agricultural tires and forestry tires. Ukukuma stated that the demand for agricultural equipment tires is expected to reach the current fourth stage (2015–2017), which is based on its ambitious design 100 mid-term business plan. The vigorous expansion of the commercial tire business is a “core pillar†strategy of the company.
ATG has three tire factories, two in India and one in Israel; the company reported sales of $529 million in 2015 and operating profit of $95 million. ATG is highly specialized in the production and sale of tires including agricultural, industrial tires, construction and forestry machinery. This will help Yokohama to complete its strategic goals as soon as possible.
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