QUINCY, Ill.—Titan International Inc.'s pending purchase of Russia's Voltyre-Prom farm tire plant could be just the first of additional investments in the region, according to Maurice Taylor, Titan chairman and CEO.
"This acquisition (of Ekaterinburg, Russia-based Voltyre-Prom) will increase our international footprint and be Titan's base for other acquisitions in the CIS region," Taylor said during the release of Titan's second quarter financial results.
He didn't identify any other potential investments but told financial analysts in a conference call July 25 that other acquisitions in the CIS region would be undertaken under the auspices of the partnership Titan formed with Russian Direct Investment Fund and One Equity Partners to acquire a controlling stake in Voltyre-Prom.
Titan hopes to close on the Voltyre-Prom acquisition by Sept. 1.