QUINCY, Ill. (April 24) — Tire and wheel maker Titan International Inc. is in negotiations with Continental Tire North America Inc. to acquire the assets of Conti´s off-the-road tire manufacturing facility in Bryan, Ohio, Titan announced today.
Both companies want to reach a definitive agreement for the asset purchase transaction within the next 30 days, Titan said. The asset purchase is subject to the approval of each firm´s board of directors, Conti´s shareholders and government regulations.
Sales at the Bryan facility are about $125 million per year, Titan said.
The asset purchase also is contingent upon the negotiation of an agreement between Titan and the United Steelworkers union. Hourly workers in Bryan are represented by USW Local 890.
Titan was in the mix to purchase the Conti plant in 2005 as well, having formed a partnership with German firm Rodos Giants L.L.C. to pursue an interest in the facility. The most recent bid for the Bryan plant was made by Pensler Capital Corp., parent of specialty tire maker Denman Tire Corp., back in January. But that attempt appears to have fizzled.
Titan late last year finalized the acquisition of Goodyear´s farm tire business, including its plant in Freeport, Ill., for about $100 million.