Solis Tractors acquires Thaler GmBH to enter wheel loader market; invests Rs 200 crores
Feb 28, 2023
New Delhi [India], February 28 (ANI/PNN): India's No1 tractor exports brand, International Tractors Limited has always keeps an eye on dynamically changing market requirements and keep innovating futuristic technologies. Solis Tractors & Agricultural Machinery, the flagship company of ITL in Netherlands Europe, is proud to announce the acquisition of Thaler GmbH & CO. KG that specialises in wheel loader manufacturing and is based out of Polling, Germany. Taking its supreme legacy and expansion drive forward in FY'23, the latest acquisition by Solis will entail an investment of Rs 200 crores and complement ITL advanced portfolio with high-quality wheel loaders in 19-75 HP range.
Wheel loader market offers huge growth potential with annual sales of more than 80,000 units and Thaler GmbH & Co KG is a well-established player in Europe. Post-acquisition, Thaler will continue to operate with an unchanged brand identity. It will be led by Mr Manfred Thaler, as the Managing Director, who is also the son of company founder Mr Johann Thaler. The move will allow ITL to maximize its production capacities & network in Europe which will add to its growth trajectory in the region. In India, Solis has collaborated with Japanese agri-tech expert Yanmar to develop premium technology-powered tractors. Solis Yanmar has a dynamic presence in India with a fast-growing dealership network and offers unique proposition of 'Solis Promise' which includes a 5-year warranty and 500 hours of oil change interval.
Commenting on the latest acquisition, Dr Deepak Mittal, Managing Director, International Tractors Limited said, "We are excited to announce the acquisition of Thaler GmbH & CO. KG under our Netherlands-based entity Solis Tractors & Agricultural Machinery and we will invest Rs 200 crores for the deal. A leading brand in wheel loader manufacturing, Thaler is well known wheel loader manufacturer in Europe which is known for its reliability and craftsmanship in developing next gen technologies. Being the largest tractor exports brand from India, wheel loaders will be an advantage for our portfolio as they have enormous potential for agriculture, dairy & construction work across EU & USA markets. The move will surely provide high end synergies to existing ITL agri equipment portfolio and strengthen our existing presence in 140+ countries across the world."
Manfred Thaler, Owner, Thaler GmbH & CO. KG said, "We are pleased and excited about this acquisition by ITL Group and we believe that this acquisition will bring the ITL expertise into the wheel loader segment. ITL has proven record in tractor segment & they have the largest tractor manufacturing plant in India. Their experience of the industry will enrich the Thaler brand & its employees."
The formal takeover was executed at Thaler Factory & Office, Germany in the presence of Dr Deepak Mittal, Managing Director, ITL Group and Manfred Thaler, Owner, Thaler GmbH & CO. KG.
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