Zenises makes “capital commitments” to Vacu-Lug following acquisition of tyre retreader
As part of the transaction that saw Zenises group purchase Vacu-Lug, Zenises Group has confirmed that it has also made “several large capital commitments in equipment and technology to ensure that Vacu-Lug becomes, over time, the most advanced independent retreader in Europe”.
Chairman, Chris Langham, remarked that “we have been extremely proud of the long and successful history of our family business that my grandfather founded and are delighted that it will continue in private hands. Very few companies can boast such a long and illustrious history and I want to pay tribute to all the past and present employees for their hard work. We are pleased that the business will remain a major employer in Grantham and that Zenises has the capability to develop it further.”
Jorge Crespo, executive director of Zenises, commented: “We are extremely pleased to welcome Vacu-Lug as part of the Zenises family. We have worked with the management team of Vacu-Lug for several years now and always respected their professional approach. They will continue to manage the business and we are looking forward to serving our customers better with the far larger resources now available to Vacu-Lug being part of a larger family group. It is very much our intention, though, that Vacu-Lug retain its independence, as with all other companies that form part of the wider Zenises group. We see this as a crucial key to providing Vacu-Lug’s partners and suppliers with flexibility and dynamic advantage that stems from its position as Europe’s largest independent retreader.”
Tim Hercock, managing director of Vacu-Lug added: “We are excited to join the Zenises family. Vacu-Lug has always been a family company for the last nearly 70 years and we are pleased that we will move from one family owner to another family owner. We are a company driven by family values and having worked with the Zenises Group for several years now we are certain that they will only serve to enhance the offerings available to all our partners with same values that we have practised for the last nearly 70 years.”
Vacu-Lug was established by Lewis Morley in Grantham in 1950 to retread tractor tyres using its “revolutionary new method”. The business quickly expanded and within a few years the new manufacturing process was being used under licence in 32 countries around the world. The business has subsequently grown into a major force in the retreading industry, manufacturing truck and off-road retreads as well as developing an industry leading role in commercial vehicle fleet management.