Apollo Tyres Ltd Concludes Acquisition of Dunlop South Africa
Apollo Tyres Ltd has formally concluded the process of acquiring Dunlop Tyres International (Pyt) Ltd (Dunlop South Africa) in a £36 million all cash deal. Apollo’s board of directors had approved this acquisition on January 31, 2006, at a board meeting in Mumbai, India. All regulatory approvals in India and South Africa alongside the transfer of shares have already been completed.
Dunlop South Africa will now become a part of the Apollo Tyres Group. Dunlop South Africa is headquartered in Durban and owns subsidiaries in Zimbabwe and the United Kingdom (Dunlop Africa Marketing (UK) Ltd.). Through this acquisition, Apollo’s base of manufacturing units enlarges to include facilities in Durban and Ladysmith in South Africa and in Bulawayo and Harare in Zimbabwe, said the company.