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Triangle tire to buy 10% shares in TYM

TYM International Triangle tire

Lynn-based TYM International is celebrating after securing a deal with its main supplier, the Triangle Tyre Company of China, one of the world’s leading tyre manufacturers.

Triangle will be buying a ten per cent share of the company, which is based on the Hardwick Industrial Estate.

“This is a significant step for us. It is a huge advantage for our business and secures our position as the exclusive importer and distributor of Triangle tyres throughout the United Kingdom. Triangle is one of the top tyre manufacturers in the world and we were very keen to safeguard ourselves as importers and UK distributors of their products. Our imports are 70 per cent Triangle,” said TYM’s general manager Steve Eke.

This year marks the tenth anniversary of TYM’s distribution of Triangle passenger car, truck and bus tyres and off-the-road products, such as earth-movers. In 2003 when TYM first started distributing Triangle brand tyres, the sales in the first year totalled a respectable US $400,000. Over the ten years since sales have grown every year. This year the projected value of TYM’s business with Triangle is US $15 million.

“This joining of our two companies goes to show that both companies recognise the importance of the relationship that has been built up over the last decade,” Said Mr Eke. The deal was finalised by an exchange of documents between Mr Eke and Mr Lin Bin of the Triangle Company during Triangle’s global business summit in Shanghai recently.

“We are going from strength to strength,” said Mr Eke, who started working for the former North Lynn-based firm Motokov UK in 1985. “The roots of this business are deeply rooted in the King’s Lynn area. Motokov UK was formerly called Skoda GB until it lost the Skoda franchise around 1992 when it was moved to VW, leaving the company with tyre, tractor and motorcycle departments.” Along with many other companies in the early part of the last decade it was discovered that there was a massive pension issue, which put at risk the pensions of all past and present employees of the company. Every body could have lost everything they had worked so long and hard for at that time. In response Motokov UK re-organised and then sold off its operations and put the proceeds into the pension fund. It was in 2004 that TYM was set up from the ashes of the old tractor and tyre operations of Motokov UK. TYM was in fact named to reflect the company’s then main supplier, a Korean tractor firm.

“Tractors made a small amount of profit, but the tyre side of the business began to flourish and we decided to concentrate specifically on that. It’s grown from there into the success it is today.”

Other Chinese manufacturers which TYM imports from are Austone, Techking and Rapid. TYM supplies UK wholesalers as well as smaller garages and tyre-fitting business.

There are eight employees at TYM International’s Rollesby Road site.

Lynn News