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Titan International Inc Becomes Managing Partner In Voltayr-prom OAO


Friday, 4 Oct 2013 11:55am EDT 

Titan International Inc (Titan) announced that in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF) it has closed the acquisition of a majority interest in Voltayr-prom OAO (Voltyre-Prom), a producer of agricultural and industrial tires in Volgograd, Russia, from the principal owner, Cordiant, for approximately $94 million which includes the assumption of debt, subject to various post closing adjustments over a period of three years. Titan International will act as managing partner for the consortium. The acquisition complements Titan's global strategy expanding its footprint into Russia. Voltyre-Prom held a 43% market share in agriculture tires and 16% market share in industrial tires in Russia in 2012. Voltyre-Prom annual revenue in 2012 was approximately $200 million. 

Company Quote

10.69
0.36 +3.48%
19 Dec 2014