Specialty tire manufacturer GRI from Sri Lanka has acquired Estonian company, Nortire Group. This strategic move will strengthen GRI’s market position and enable it to gain a foothold in Northern Europe. Nortire also has a branch in Latvia and two locations in Lithuania.
Nortire Group was founded by Tarmo Männasalu in 2000, and is 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.
“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 recognized as a market leader in material handling tires, and this competitive advantage will propel GRI’s success,” commented Prabhash Subasinghe, managing director of GRI.
“As a leader in the industry, and with ambitious progress in business growth, GRI will also soon deliver its wide range of specialty tires to the tire market in Northern Europe via the Nortire Group, thereby effectively enhancing the group to become an all-rounder in the offering of speciality tires,” added Mahesha Ranasoma, GRI’s CEO.
Nortire’s founder, Männasalu said, “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 performance to customers.”