Stapleton’s Confirms Pirelli CPK Purchase
Stapleton’s Tyre Services has confirmed that it has agreed terms with Pirelli Tyre UK to purchase its CPK Auto Products Ltd business. Asked what the strategic intention behind the firm’s latest acquisition is, Stapleton’s representatives said “Pirelli’s CPK strengthens Stapleton’s position as the UK’s number one tyre distributor” and said the move sees the tyre distribution specialist “expand its trade distribution operation enabling a further improvement in efficiencies and customer service” in an official statement. No details of the terms of the sale have been released.
Commenting on the acquisition, Stapleton’s chief executive, Kenji Murai, said: “We are a growing business and this latest acquisition allows us to further improve our market position. Our aim is to provide excellent value for money alongside great customer service, across all our B2B sectors. This philosophy will be at the heart of everything we do.”
Stapleton’s reports that it turned over £258 million in 2009, and is on target for £300 million in 2010. The business has 10 distribution centres in order to supports it national service offering. Stapleton’s is part of the Japanese Itochu Corporation, which has an annual turnover of $110 billion.
Pirelli seeks to correct local press reports
Meanwhile Pirelli has expressed concern following incorrect information published in the local press indicating there are 23 redundancies to be made as a result of the planned sale of its CPK business to Stapleton’s (Tyre Services) Limited.
A spokesperson said: “…There are indeed 23 affected employees who have a legal right to transfer to STS. However, 12 of these work in the field and would not have to consider relocating to other parts of the country. Only the Burton Head Office employees have to make that choice, and indeed there is the possibility some of these may be asked to work for STS not out of Letchworth as previously reported, but out of a Birmingham base currently being considered by STS. It is regrettable that information has been incorrectly published in the press which was not confirmed by the company, as this has caused unnecessary discomfort to our employees at this sensitive time.”