Sumitomo Rubber Aims at European Expansion, Acquires Micheldever

Sumitomo Rubber Industries Ltd. (TYO:5110) has reached an agreement with Graphite Capital Management LLP to acquire British tire distributor Micheldever Tyre Services Ltd. for 215 million pounds ($262 million). The acquisition aims at expanding the company’s tire business in Europe. Following the dissolution of its alliance with Goodyear Tire & Rubber Co. in October 2015,  Sumitomo Rubber is using its…

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