Matador buys Horváth Gumi
Monday, October 17, 2005, 14:04
Slovakian tyre company Matador has purchased 100% of Hungarian peer Horváth Gumi for an undisclosed price, Horváth Gumi owner József Horváth announced on Friday. Last year, Horváth Gumi had revenue of Ft 2 billion, of which Matador products accounted for 45%. Horváth Gumi controls 11% of Hungary's truck tyre market and 13% of the market for car tyres. It operates five stores and its tyres are sold at a network of service stations around the country. The company also has a warehouse in Győr (NW Hungary) with room to store 60,000 tyres plus equipment. Matador employs 6,300 people to make and sell products at its 35 stores in Slovakia and 20 in the Czech Republic. Its sales in Hungary have come to about 12 million a year. With the purchase of Horváth Gumi, the company aims to further expand its network of service stations. Matador plans to expand its share of the Hungarian market 5% a year. Horváth Gumi will be renamed Matador Hungaria from the start of 2006.