Trelleborg's Trelleborg Wheel Systems business area views this bolt-on acquisition as part of its strategy to strengthen its positions in attractive market segments.

Wanganui, New Zealand-based TRS Tyre has operations in four other locations within the country, generating annual sales of approximately $18 million.

"A local presence and global reach are key drivers in our business strategy," Trelleborg Wheel Systems President Paolo Pompei said.

"This acquisition provides us with an excellent opportunity to enhance our sales of tires for agricultural, material-handling and construction vehicles, as well as complete wheels in an attractive and growing market."

In business since 1977, it claims to be New Zealand's largest importer and distributor of agricultural and industrial tires and wheels. It also manufactures wheels for all agricultural and industrial applications.

Financial terms of the deal were not disclosed. TRS Tyre previously was owned by Bapcor Group, Australasia's leading provider of automotive aftermarket parts, accessories, automotive equipment and services.

TRS Tyre does not list Trelleborg on its website as a brand it carries, although it does list Trelleborg's Mitas associate brand, along with Apex, BKT, Continental, GRI, Michelin and Roadlux.