Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Rubber Division IEC
    • ITEC
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • War in Ukraine
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • 2022 Hose & Belt Manufacturers Conference
    • 2022 International Silicone Conference
    • 2022 International Tire Exhibition & Conference (ITEC)
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
July 26, 2012 02:00 AM

Titan Intl. offers to buy control of Titan Europe

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    QUINCY, Ill. (July 26, 2012)—OTR and farm tire and wheel maker Titan International Inc. has offered to acquire majority control of Titan Europe P.L.C., a minority-owned affiliate and producer of wheels, undercarriage components and assemblies for tracked and wheeled off-road vehicles.

    Titan International is proposing to take over Titan Europe via a one-for-11 ordinary share swap, subject to certain conditions. Titan valued the deal at roughly $178 million, based on Titan Europe's prevailing share price. The offer is considered a premium of 10 to 12 percent over Titan Europe's share price during the past two weeks.

    Titan International, through its Titan Luxembourg S.a.r.l. subsidiary, owns a 21.7-percent share in Titan Europe, according to Titan Europe documents.

    Titan International said it believes there is “compelling logic” in the acquisition of Titan Europe as it would establish a global wheel, tire and track industrial group servicing customers in the agricultural, construction, earthmoving and mining industries.

    In particular, Titan said the proposed acquisition presents opportunities for its tire business in South America and Europe and will cement the existing cooperation between Titan International Mining Services — established in 2011 to offer complete tire, wheel and track services near large mines worldwide—and Titan Europe's own Mining Service Centres expertise.

    Titan Europe generated $679 million in sales in fiscal 2011, split 37/63 between wheels and undercarriages. The business is largely OE-oriented with customers in the agricultural, construction, industrial and mining industries.

    Sales in North America amounted to nearly $82 million.

    This deal is in addition Titan International's pending agreement to buy majority control of Planet Corp. group of companies, a Perth, Australia-based sales and service company specializing in OTR tires and wheels that potentially could give Titan access to tire manufacturing capacity in China.

    Planet Corp. comprises National Tyres, Acme Wheel & Rim Co., Resource Tyre Co. and Choice Tyres Wholesalers.

    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.

    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Wacky World of Rubber: The true story behind the rubber match
    2
    Parker-Hannifin to sell Avon, Ohio-based unit for $440 million
    3
    Wacker aims to increase global silicone capacity
    4
    Watch: Michelin launches major ‘Motion for Life' ad campaign
    5
    Updated: Conti fined for compound mixer explosion, shears accident
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Rubber Division IEC
      • ITEC
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • War in Ukraine
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • 2022 Hose & Belt Manufacturers Conference
        • 2022 International Silicone Conference
        • 2022 International Tire Exhibition & Conference (ITEC)
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
    • Advertise
    • DIGITAL EDITION