Titan International Acquires Australian OTR Tire & Wheel Manufacturer: Planet Group
QUINCY, Ill.--(BUSINESS WIRE)-- Titan International, Inc. (NYSE: TWI) has signed an agreement to purchase a majority ownership interest in Planet Corporation Group of Companies (Planet) in an all-cash transaction. Planet includes National Tyres, Acme Wheel, Resource Tyre and Choice Tyres Wholesalers and is based in Perth, Australia. The purchase price and revenue information will be released upon closing which is expected to be within 10 days.
Planet is an OTR tire and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture, construction and earthmoving industries. Planet will be a subsidiary of Titan Mining Services, which was formed recently to build Titans mining business around the globe. This transaction demonstrates Titans initiative to grow the OTR tire and wheel business worldwide.
Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.
Titan International, Inc.
Source: Titan International, Inc.Copyright Business Wire 2012