Hankook Tire has agreed to acquire 100 percent equity stake of ‘Reifen-Mueller’, one of Germany’s largest and independent tire wholesalers and retailers.

Reifen-Mueller was founded in 1966 and currently employs more than 700 staff and owns 44 service centers in Germany, selling a wide range of tires from passenger car, and light truck to heavy truck and bus tire segments as well as motorcycle and agricultural tires.

With the acquisition of Reifen-Mueller, Hankook Tire will secure one of the most innovative tire distribution models in Germany. It will allow the tire maker to expand its distribution channels in Europe, laying down the basis for strengthening the company’s global distribution competitiveness.

The company says it will be able to leverage Reifen-Mueller’s 44 service centers as strategic bases to expand its business by solidifying its distribution networks. The new distribution means Hankook can carry multi-brands and sell its own products at the same time.