Titan increases ownership of its European unit
Titan International Inc. has boosted its share of Titan Europe Plc via its Titan Luxembourg S.A.R.L. subsidiary.
Titan Luxembourg has subscribed for more than 1.8 million ordinary shares of Titan Europe Plc, issued in payment of approximately $7.9 million U.S. dollars of debt, "representing the entire long-term debt owed by Titan Europe Plc to Titan International," say Titan officials.
Titan Luxembourg now holds 14.3 million ordinary shares in Titan Europe Plc or 17.3% of the company. Before the transaction, Titan Luxembourg held 15.4% of Titan Europe.
"Titan was pleased with this opportunity, given that the long-term outlook for Titan Europe Plc looks very promising," says Titan International Inc. Chairman and CEO Morry Taylor.