QUINCY, Ill. (July 16, 2012)—Titan International Inc. has agreed to buy majority control of Planet Corp. group of companies, a Perth, Australia-based sales and service company specializing in off-the-road tires and wheels that potentially could give Titan access to tire manufacturing capacity in China.
Titan said the purchase price and revenue information will be released upon closing, which is expected to take place the week of July 23 or before.
Planet Corp. comprises National Tyres, Acme Wheel & Rim Co., Resource Tyre Co. and Choice Tyres Wholesalers, Titan said.
Titan said it is acquiring Planet Corp. in line with its initiative to grow its OTR tire and wheel business globally. Planet Corp. will be a subsidiary of Titan Mining Services, which the Quincy-based company formed recently to build its mining business around the globe.
Perth-based National Tyres operates four sales/service locations handling mostly commercial and OTR tires.
Melbourne, Australia-based Resource Tyre states on its website it has a “strong association” with a Chinese tire maker in Laizhou, where “full commissioning of the plant is now completed.” Resource Tyre also refers to the plant on its website as “our plant.”