GRI Acquires NORTIRE OÜ in Northern Europe
10 September 2019
GRI is a leading producer of Specialty Tires from Sri Lanka with offices in six countries and sales in over 50 countries around the world. GRI produces high-performance Agriculture, Construction and Material Handling Tires.
With a strong growth strategy at its core, the renowned speciality tire manufacturer, recently acquired NORTIRE OÜ in Northern Europe. The acquisition of the Nortire Group, headquartered in Estonia, with a branch in Latvia and two branches in Lithuania, will further expand the GRI’s global tire service network, whilst attaining a significant foothold in the North European tire market.
The Nortire Group was founded by Mr. Tarmo Männasalu in 2000, and is now a leading distributor of material handling, industrial and construction tires and wheels, rubber tracks, polyurethane wheels and castors. Its operations span over Estonia, Latvia, Lithuania, Belarus and Western Russia. Nortire, furthermore has proprietorship over four large warehouses in across the region.
“I am proud to announce the acquisition of this group of companies. Männasalu has grown his businesses and revenues year-on-year at a noteworthy pace, to a level that attracted GRI. This milestone will prove to strengthen and build upon the geographical outreach of GRI. The Nortire Group is in fact, recognized as the market leader in the product offering of Material Handing tires, this competitive advantage will propel GRI’s success in the market.” proclaimed Mr. Prabhash Subasinghe, Managing Director GRI.
“Being a leader in the industry and with ambitious progress in business growth, GRI will also soon deliver to the North European tire market, its wide range of Specialty Tires, via the Nortire Group, thereby effectively enhancing the group to become an all-rounder in the offering of speciality tires.” Stated Dr. Mahesha Ranasoma, CEO GRI.
The founder of the Nortire Group, Mr. Tarmo Männasalu stated, “GRI has proved to be an organization that is passionate in taking on stimulating strategic advancements, coupled with a strong commitment to producing high quality speciality tires. It is a privilege to hand over the reins to this multinational company and I have no doubt that this will lead Nortire into prosperous growth and allow for the continued provision of premium tires with outstanding quality and assured performance to our customers.”
This acquisition will prove to enrich GRI’s Material Handing tire footprint in Europe, complementing our distribution networks in Germany, France, Spain, Netherlands, Italy and Baltic. Thereby enhancing the level of accessibility to our tires, resulting in reduced lead time to customers and ensuring the continuous growth of GRI’s Material Handing tires across the region, stated Mr. Güenter Fleck, Consultant for GRI Europe (Global Rubber B.V).
Having built a strong reputation in the Industrial tire business since 2002, GRI embarked to produce a compelling range of Agriculture and Construction tires in Sri Lanka. GRI built an advanced factory, with some of the best tire building machines and started production in April 2018. By January 2019 GRI successfully launched over 100 products and continues to grow its portfolio rapidly. In addition to the strong product portfolio, the assured performance of GRIs specialty tire range has been highly commended. GRI’s customers further derive an advantage in selling a new product from a new country of origin. Sri Lankan natural rubber of exceptional quality is used in all of GRI’s tires.
Source: GRI Europe (Global Rubber B.V).