QUINCY, Ill. (Aug. 1) — Tire and wheel maker Titan International Inc. has acquired Continental Tire North America Inc.´s off-the-road tire plant in Bryan, Ohio.
The deal — reached July 31 — is worth about $53 million U.S. dollars.
Manfred Wennemer, CEO of parent company Continental A.G., said the company was pleaded to have reached the agreement, and emphasized that the sale of the Bryan facility is part of its overall strategy to focus on passenger and light truck and commercial vehicle tire manufacturing.
"Today´s announcement along with our other restructuring efforts will help us to secure our continued presence in North America for years to come," he said.
The Bryan plant — which will operate under the name Titan Tire Corp. of Bryan — has a workforce of about 325 employees and posted sales of about $125 million in 2005. Members of United Steelworkers Local 890 ratified a new four-year contract with Titan on July 30.