USA growth – TVS Srichakra acquiring off-highway specialist Super Grip

TVS Srichakra Ltd. intends to expand its commercial activities in the USA and will drive growth in this market by acquiring the business of Super Grip Corporation. It registered a legal entity for this purpose, SG Acquisition Corporation,  in the state of Michigan on 5 September 2023, and the Indian tyre maker’s Board of Directors authorised an overseas direct investment of US$10 million on 20 October 2023.

Established in 1984, Super Grip Corporation is a Tennessee-based company that focuses on the industrial and ground service equipment tyre markets. TVS Srichakra views its planned acquisition of Super Grip as being in line with its growth agenda in the off-highway tyre market. The company recently invested in a new plant at its facility in Madurai, India, which doubles capacity for off-highway tyres and will primarily serve global markets.

“We view the proposed Super Grip transaction with excitement,” states S Ravichandran, director of TVS Srichakra Limited. “The company fits in well with our plan to expand our off-highway tyre business globally. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time.”

The acquisition of Super Grip should be finalised by the end of 2023, with TVS Srichakra informing BSE and the National Stock Exchange of India on 20 October that it expects to complete the deal within 60 days.