WEST CHICAGO, Ill.—Titan International Inc. has struck a three-year agreement with CNH Industrial N.V. valued at roughly $400 million to supply the farm equipment maker with wheels and tires.
Turin, Italy-based CNH is the producer of Case IH, New Holland Agriculture and STEYR-brand farm vehicles.
The deal covers tires manufactured in Titan's North America, South America and European plants to various CNH Industrial equipment assembly locations worldwide. Titan's only tire plant in Europe is in Russia.
The value of the contract is based on the dollar's trading value the week of March 21 and current raw material pricing levels.
The contract builds on and strengthens a "strong long-standing relationship" Titan has had over the years, Titan President and CEO Paul Reitz said.
Titan did not disclose the value of its business with CNH now, making it impossible to determine how much new business this deal represents.