Titan hopes to close next buy in April
ERJ staff report (LMH)
Quincy, Illinois – Titan International Inc. hopes to close in April the delayed acquisition of a $300 million-a-year tire industry competitor, a deal originally announced for year-end 2012, Titan CEO Maurice Taylor told analysts in a 26 Feb conference call.
Taylor declined to identify the targeted company but did say it isn't a Chinese firm.
In a December conference call he said the acquisition would "expand our footprint much bigger" and also said Titan was evaluating at least two other acquisitions that would contribute significantly toward the firm's goal of reaching $4 billion in annual sales by 2015.
He didn't address these other possible takeovers directly in the latest conference call—which covered the firm's fiscal 2012 financial results—but at another point in the call he said, "…we are going to do some acqusitions down there (in South America)."
Taylor also didn't address Titan's pending offer to buy controlling interest in Wheels India Ltd., a Padi, India-based maker of wheels for passenger cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment.
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Article from Tire Business