Press release from Business Wire
Myers Tire Supply Enters into JV with Leading Automotive Aftermarket Company in India
Wednesday, June 12, 2013
Myers Tire Supply Enters into JV with Leading Automotive Aftermarket Company in India07:30 EDT Wednesday, June 12, 2013
AKRON, Ohio (Business Wire) -- Myers Tire Supply International Inc., a Myers Industries, Inc. company (NYSE: MYE), today announced a joint venture with the India-based TVS Automobile Solutions Ltd. (ASL) to distribute tools, supplies, and equipment into the fast-growing Indian automotive aftermarket. The new company is called Myers Tyre Supply India Limited, Inc.
“We are pleased about expanding our long term relationship with TVS ASL, a leading automotive aftermarket company in India. Our small investment in this joint venture aligns with the geographic expansion strategy for our Distribution Segment. The global presence of Myers Tire Supply, which excels in providing tools and consumables to independent tire dealers and tire retreaders, complements TVS' strength in equipment sales to automobile dealers in India,” said John C. Orr, President and CEO of Myers Industries.
“We are happy to take our decade-long relationship with Myers Tire Supply to the next level, allowing us to bring in a strong player to the tools and consumables market. Together we will form an important piece of the Aftermarket Service Solution that TVS ASL endeavors to give to the Auto Industry," added R. Dinesh, Joint Managing Director of TVS.
Myers Tire Supply International, Inc., is a global distributor of tools, equipment and supplies to tire, wheel and undercar service professionals. For more information, contact Myers Tire Supply at 330-253-5592, fax 330-761-6133 or log onto our website at www.myerstiresupply.com.
TVS Automobile Solutions Ltd. (TASL), a subsidiary of T V Sundram Iyengar & Sons (TVS & Sons) Ltd., has been in the automotive business for over 100 years, with a total turnover crossing over $6 billion. TVS Automobile Solutions provides a range of aftermarket car services that include multi-brand workshops, 24/7 emergency roadside assistance, tools and garage equipment business, extended warranty service for used cars, Telematics-based vehicle tracking system and immobilizer, car diagnostics, and car insurance services. For more details about TVS Automobile Solutions, please log onto www.mytvs.in.
Myers Industries, Inc.
Monica Vinay, Director, Investor Relations & Communications, 330-761-6212