QUINCY, Ill.—Titan International Inc.'s Titan Europe subsidiary, which owns a 37-percent stake in Wheels India Ltd., is offering to buy out the remaining outstanding non-family-owned shares equal to 14 percent of the company.
Titan said it is required under India law to make the offer to acquire the fully paid up equity shares of Wheels India. The overall impact of the offer is immaterial to Titan International, the company said. The offer is scheduled to close on March 12.
Padi, India-based Wheels India makes wheels for cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment at plants in Padi, Pune and Rampur, India. The company supplies two thirds of the domestic market requirement and exports 15 percent of its output to North America, Europe, Asia Pacific and South Africa.
Annual capacity is 5.5 million wheels, according to Titan.
The company, majority owned by India's TVS Group, reported sales of $383 million last year. TVS also is the parent of Indian tire maker TVS Srichakra Ltd.