MoU implemented: Marangoni sells solid tyre businesses to Onyx

Monday 8th May 2017 | 0 Comments

 

The Memorandum of Understanding signed between the Marangoni Group and Onyx Group in January has now been finalised. With the transaction’s execution, the UAE-based company has acquired all shares in four Marangoni S.p.A. solid tyre businesses. The manufacture of solid tyres will continue at the Marangoni S.p.A. plant in Roverto, Italy, under an off-take agreement with Onyx.

The four businesses acquired by the Onyx Group are Marangoni Industrie Manutention, a trading company based in France; Wenzel Industrie GmbH, a trading company based in Germany; Marangoni Industrial Tyres S.r.l., a commercial company based in Italy; and Marangoni Industrial Tyres Lanka, an industrial tyre production facility in Sri Lanka. Onyx stated its intention to acquire 49 per cent of shares in the last-mentioned operation at the start of this year.

The Marangoni brand’s licensing to the Onyx Group is limited to the manufacture and distribution of solid tyres and includes the Jumbo, Forza, Eltor and Quickmont product trademarks.

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