Apollo Tyres

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Apollo Tyres Limited
Public company
Industry Tyres
Founded 1976[1]
Headquarters Gurgaon, Haryana, India[2]
Key people
Onkar S Kanwar (Chairman & MD)
Neeraj R S Kanwar (Vice-Chairman & MD)
Revenue IncreaseINR127.5 billion (US$2.0 billion)[3]
Website http://www.apollotyres.com

Apollo Tyres Ltd is the world's 17th biggest tyre manufacturer, with annual consolidated revenues of Rs 121.5 billion (US$2.5 billion) in 2011. It was founded in 1976. Its first plant was commissioned in Perambra, Kerala. The company now has four manufacturing units, one in South Africa, two in Zimbabwe and 1 in Netherlands.[4] It has a network of over 4,000 dealerships in India, of which over 2,500 are exclusive outlets.

It gets 62.6% of its revenues from India, 27.9% from Europe and 9.5% from Africa.[5] Apollo tyres was awarded the FICCI award among large industries category for the best Quality systems.

It is planning to become the 10th biggest tyre manufacturer in the world with annual revenues of $6 billion by 2016.[6]

On 12 June 2013, it is reported that Apollo Tyres Ltd would buy US-based Cooper Tire & Rubber Company for about $2.5 billion in a deal that would make it the world's seventh-largest tyre maker but the takeover collapsed after legal battles. Neeraj Kanwar explained that Apollo will now focus on the European market.[7]

History[edit]

  • 1976 - Company conceived by Mathew T Marattukalam.
Apollo Tyres was registered[8]
  • 1994 - Started selling tyres for 2-wheelers[11]
  • 2006 - Expanded operations outside India by acquiring Dunlop's Africa operations.[13]
  • 2009 - Apollo Tyres acquired the Netherlands-based tyre maker Vredestein Banden B.V. (VBBV) for an undisclosed sum from Russia's bankrupt largeNV.[15]
  • 2013 - Disposed of the Dunlop brand in Africa along with most of the South African operation in a sale to Sumitomo Rubber Industries of Japan.
Apollo is set to acquire the US based Cooper Tire & Rubber Co. which is expected to be completed at the end of the year.[16]
The takeover collapses after a legal stand off and months of delays in December 2013.[17][18]

European Operations[edit]

Apollo currently sells 30,000 tyres/month in Europe, which is a 250 million tyres/year market.[19] The company currently operates one tyre factory in Europe, in the Netherlands, and will build a second factory in Hungary. This second production facility will begin production in early 2017.[20]

References[edit]

External links[edit]