Modern Tyres invests £5.6 million in new Modern Wheel Solutions division
Ireland’s Modern Tyres invested £5.6 million in the establishment of a new division, Modern Wheel Solutions division back in May. The new business will be situated at a 81,000 square foot purpose-built factory in Carnbane Business Park in Newry.
According to the company, Modern Wheel Solutions differ from Modern Tyres’ core business of tyre wholesaling and retailing by focusing on outsourced end-to-end services for tyre manufacturers and original equipment manufacturers (OEMs).
Kevin Holland, Invest Northern Ireland’s CEO, commented: “Modern Tyres’…expansion into tyre and rim assembly as Modern Wheel Solutions will allow it to offer customers a one-stop shop across its business and broaden its offering to attract future global clients. Our relationship with the company began in 2019 when it purchased a site on Carnbane Industrial Estate and we are happy that our Southern Regional team has been able to support its new venture onto Carnbane Business Park so soon after.”
Detailing the wheel business’ proposed new headcount, he added: “Its investment will bring new skills and expertise to the team, growing its workforce to over 200 people across the company in Northern Ireland. This is great news for the local Newry, Mourne & Down District Council area, as it will generate almost £650,000 in additional annual salaries for the Northern Ireland economy.”
Rory Byrne, director of Modern Tyres, said: “By adding Modern Wheel Solutions to the Modern Tyres portfolio, we will be able to readily meet the needs of our current and future clients. By improving efficiencies, we will be able to provide them with a complete end-to-end service. Our new purpose-built manufacturing facility will allow our business to grow, and with more employees, we can capitalise on new opportunities in export markets.
“Invest NI’s support has been invaluable to us throughout the pandemic and as we move into this new area. Its support has not only helped us to secure the site for our new dedicated factory, but is also helping us to build an expert team of employees. The team will ensure that our new offering is carried out to a high standard for our clients.”