Titan Tire Announces Purchase of Denman Tire Assets
Titan has been in the tire business since the late 1800s, manufacturing vulcanized solutions for off-highway machines with wheels for over 100 years. Just earlier this year the company released its “Ultimate” tire line for skid steers, designed to provide extra long life with up to twice the tread depth of conventional skid steer tires. Last week, the company continued to make similarly big moves.
On Wednesday, May 19, 2010, in Federal Bankruptcy Court, Titan Tire Corp., a subsidiary of Titan International Inc., was the high bidder for certain Denman Tire assets, including its name, tire specifications, patents, molds, various bladder tooling, customer lists and other items for approximately $4.4 million U.S. Dollars (USD). Denman, a producer of specialty tires, had estimated sales of $75 million USD in 2008. The purchase did not include any machinery, land or buildings.
“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,” said chairman and CEO Maurice M. Taylor Jr. “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.”
Titan International Inc., a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit https://www.titan-intl.com/home.
