Sri Lankan speciality tyremaker GRI has expanded its presence in Northern Europe by acquiring Estonian firm Nortire Group. The move is expected to strengthen GRI’s market position, said a report in Tire Technology International, quoting Prabhash Subasinghe, managing director of GRI. Nortire also has a branch in Latvia and two locations in Lithuania.
Nortire Group was founded by Tarmo Männasalu in 2000, and is a leading distributor of material handling, industrial and construction tyres and wheels, rubber tracks, polyurethane wheels and castors. Its operations span over Estonia, Latvia, Lithuania, Belarus and Western Russia, the report said.
According to Subasinghe, the acquisition will prove to strengthen and build upon the geographical outreach of GRI.
“As a leader in the industry, and with ambitious progress in business growth, GRI will also soon deliver its wide range of specialty tires to the tire market in Northern Europe via the Nortire Group, thereby effectively enhancing the group to become an all-rounder in the offering of speciality tires,” the Tire Technology International report quoted Mahesha Ranasoma, GRI’s CEO, as saying.