Goodyear Sells 2 Tire Businesses To Titan
QUINCY, Ill. (AP) -- Titan Tire Corp. said Monday that it has agreed to buy Goodyear Tire and Rubber Co.'s European and Latin American farm tire businesses for $130 million.
The deal will allow privately owned Quincy, Ill.-based Titan to make and sell Goodyear-brand tires in Europe, Africa, Eastern Europe, Russia, Latin America and North America. It is similar to a 2005 agreement in which Titan bought Goodyear's North American farm tire business.
The transaction includes a Goodyear manufacturing plant in Sao Paulo, Brazil, and a plant in Amiens, France, that Goodyear has already announced it would shutter.
Titan Tire Chairman and CEO Maurice Taylor said the assets the company is buying have had recent annual sales in excess of $400 million. The deal is expected to close in the first half of 2011.
Shares of Titan Tire's parent, Titan International Inc., fell 2 percent to close at $18.11.