QUINCY, Ill. (Dec. 21) — Through a subsidiary, Titan International Inc. gained back some of its stake in Titan Europe Plc for about $7.9 million.
Titan Luxembourg S.A.R.L., a wholly owned subsidiary of Quincy-based Titan, bought more than 1.8 million shares of Titan Europe. The deal puts parent Titan´s interest in the European company at 17.3 percent, up from 15.4 percent.
Titan International spun off the European company, previously a wholly owned division, in April 2004. Initially Titan retained a 30-percent stake in the unit, but a spokeswoman said Titan Europe issued more shares last year, diluting Titan International´s stake to 15.4 percent.
"Titan was pleased with this opportunity, given that the long-term outlook for Titan Europe Plc looks very promising," said Titan chairman and CEO Maurice Taylor Jr.
In a separate announcement, Titan issued a winter bonus to its employees. The firm disbursed an average of $1,000 to its employees, including $200 in $2 bills.
"Titan´s employees have done an excellent job, and as a team we will continue to excel," Taylor said.