Titan International Inc. has signed an agreement to purchase a majority ownership interest in Planet Corporation Group of Companies in an all-cash transaction. 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. Based in Perth, Australia, the group includes National Tyres, Acme Wheel, Resource Tyre and Choice Tyres Wholesalers.
The company will be a subsidiary of Titan Mining Services, which was formed recently to build Titan’s mining business around the globe. "This transaction demonstrates Titan’s initiative to grow the OTR tire and wheel business worldwide," says Titan.
Titan recorded adjusted net income of $40.5 million on net sales of $463.1 million for the first quarter ended March 31, 2012 (click here for more on Titan's latest financial results). The company's earnings conference call for its second quarter ended June 30, 2012, will be held at 9 a.m. Eastern Standard Time on Thursday, July 26, 2012.
For more information on Titan and its products, visit www.titan-intl.com.
