Premia Group Limited have today announced the acquisition of Watts Tyre Group, the industrial tyre producer & distributor. Premia Group Limited is a private consortium owned by Jean-Paul Mindermann, Paul Morey and Andreas Karnein who were part of the senior management of Watts Tyre Group as Chief Executive, Finance Director and Technical Director respectively. The company will continue to trade under the Watts name.
CEO Jean-Paul Mindermann commented "We are delighted to be able announce the completion of this deal; we believe that it will deliver a number of benefits to staff and customers alike. Despite the economic downturn the Group is well positioned both structurally and financially and we intend to expand and develop our global presence as a leading partner to the materials handling industry.
We will continue to focus on the development of our Tyre and Wheel product range and will also be investing in our service portfolio during 2010 including significant investment in systems development and mobile service equipment. This will ensure that we remain both the leading service provider in the Industrial Tyre market and maintain our position as a leading producer of industrial tyres."
Watts Tyre Group currently have operations in UK, France, Germany, USA, Mexico and Uruguay whilst exporting to a further 60 countries around the world.
Watts of Lydney Group from whom the acquisition was made will now focus on its commercial vehicle franchise business, Watts Truck & Van, Watts Urethane Products the UK polyurethane casting business and Plysolene, extruded plastic sheet manufacturer.