Titan to enter Russian tire market
ERJ staff report (BC)
Moscow – Tire manufacturer Titan International may enter the Russian market, buying a stake in Voltair Prom, the Kordiant-owned plant in Volgograd, The Moscow Times relayed from a Vedomosti report.
The factory, which produces tires for agricultural and industrial vehicles, is valued at 5.1 billion rubles (€119m), Investkafe analyst Andrei Shenk is reported to have said. However, Russia's entry into the World Trade Organisation has led to increased competition, which could lead to a 15 to 20 percent price reduction.
One Equity Partners Fund, a JPMorgan affiliate, and the Russian Direct Investment Fund, could co-invest with Titan, a source close to the negotiations said.
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Full story from the Moscow Times