Jul 14 2004
Goodyear Dunlop Tires Europe, an affiliate of The Goodyear Tire & Rubber Company, has completed its previously announced acquisition of the remainder of Dackia, a major tire retail group in Sweden.
The remaining 50 percent of the retailer was purchased from Procuritas and Dackia management for approximately $10 million. Goodyear originally acquired a 50 percent stake in Dackia in 1996.
The acquisition, according to Michael J. Roney, president of Goodyear Dunlop Tires Europe, strengthens the company's position in the Nordic Region. "Dackia, which has a very loyal customer base, will play an important role in our plans for growth," he said adding that first quarter sales for Goodyear's European Union tire business were up 20 percent over last year. Segment operating income was up more than 175 percent.
Dackia has more than 60 company owned stores, as well as 31 contract partners throughout Sweden, and annual sales revenue of approximately $65 million. Dackia is widely regarded as one of the most successful tire retailers in Europe's Nordic Region.
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