£3.5m investment for tyre maker DMACK
Last updated at 09:04, Friday, 17 January 2014
Carlisle-based tyre manufacturer DMACK is poised for major expansion following a £3.5 million investment.
Private-equity manager Maven has taken a stake in the business allowing DMACK to boost output and increase the range of its tyres.
Dick Cormack, previously motorsport product development manager for northern Europe at Pirelli, set up the business in 2006 initially to design and produce high-performance motorsport tyres.
DMACK launched a range of 10 high-performance road tyres aimed at consumer motorists last year.
The tyres are designed at its offices at Kingstown and manufactured in China.
Last year turnover was £4.7m but is set to soar to £22m by 2015 as a result of Maven’s investment, while the Carlisle workforce will grow from four to 10.
DMACK expects to produce 200,000 tyres this year, up from 70,000 in 2013.
Mr Cormack said: “The investment by Maven will provide us with the support needed to boost our range of consumer and specialist motorsport tyres, delivering the platform to enter new markets.”
“We looked at various options for investment, including local schemes from Cumbria Local Enterprise Partnership, but that wasn’t possible so we put the opportunity out to the private equity market.”
DMACK was selected in 2011 as was one of two tyre manufacturers – the other was Michelin – authorised to supply tyres to the Fédération Internationale de l’Automobile (FIA) World Rally Championship.
It now plans to move into other motorsport disciplines and vastly expand its range of consumer tyres.
The plan is to invest in new tyre moulds and to have 100 sizes of car and truck tyres by the end of the year.
First published at 09:03, Friday, 17 January 2014
Published by http://www.cumberlandnews.co.uk
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