Titan bids for majority stake of Wheels of India
ERJ staff report (LMH)
.Quincy, Illinois – Titan Europe, a subsidiary of US tire and wheel maker Titan International Inc., is offering to buy further shares of Wheels of India, taking a majority stake in the company.
Titan currently owns 37 percent of the Indian wheels manufacturer. Under Indian law, it is required to buy out the remaining outstanding non-family-owned shares, equalling 14 percent, Titan said in an announcement. The offer is scheduled to close on 12 March 2013.
Padi, India-based Wheels India makes wheels for cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment at plants in Padi, Pune and Rampur, India. The company supplies two thirds of the domestic market requirement and exports 15 percent of its output to North America, Europe, Asia Pacific and South Africa.
Annual capacity is 5.5 million wheels, according to Titan..
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Press release from Titan International