Titan finishes purchase of Denman machinery
With a judge's signature on July 15, 2010, the United States Bankruptcy Court for the Northern District in Ohio officially approved the sale of the Denman Tire LLC machinery and equipment, including other inventory items, for $3 million to Titan Tire Corp.
Denman, which declared bankruptcy earlier this year (see "Denman files Chapter 7, will shut doors"), had estimated sales of $75 million in 2008. The purchase did not include any land or buildings.
“Closing should take place within a week," says Titan Chairman and CEO Morry Taylor. "Titan then plans to move the machinery and equipment.
"I believe it was a great purchase for Titan, and the machinery and equipment will complement Titan’s product line.” (For more on Taylor and Denman, click on "Ever the aggressor, Titan's Taylor buys Denman assets.")
Titan Tire Corp. is a Titan International Inc. For more information on Titan, visit www.titan-intl.com.