Thursday, Titan Tire Corp. shed a little more light on its recent purchase of Denman Tire LLC assets.
In an official press release, Titan acknowledged what the industry already knew (see "Ever the aggressor, Titan's Taylor buys Denman assets"), but was more specific on what its $4.4 million actually bought. It revealed that Titan was the high bidder "for certain Denman Tire assets, including its name, tire specifications, patents, molds, various bladder tooling, customer lists and other items." The purchase did not include any machinery, land or buildings.
Denman, according to the release, had estimated sales of $75 million in 2008.
Morry Taylor, chairman and CEO of Titan Tire's parent company, Titan International Inc., said closing should take place within the next week.
"Titan plans to move the assets and should be in production within 30 days and able to fill orders for customers. This acquisition fulfills some needs in our product range in underground mining and specialty tires.
"Overall, I believe it was a good investment for Titan, that it will lead to exposure to new customers and drive sales of other Titan products," added Taylor.
For more information on Titan's product lines, visit www.titan-intl.com.
