Titan is purchasing Goodyear’s European and Latin American farm tire divisions for $130 million.
The transaction includes a licensing agreement allowing Titan to manufacture and sell Goodyear-branded agricultural tires in Europe, Latin America and North America.
“Titan is pleased to be adding these new regions to our current book of global business,” says Maurice M. Taylor Jr., Titan’s chairman and CEO.
“These acquisitions support our global vision of becoming the premier farm tire manufacturer in the world,” he reports. “In the past these assets have had sales in excess of $400 million U.S. dollars annually. Going forward, my expectations are to increase the sales in a short period of time,” adds Taylor.
“This transaction reinforces our focus on our core consumer and commercial tire businesses,” says Richard J. Kramer, Goodyear’s chairman and CEO.
“Our farm tire operations have been very successful for many decades. We thank our associates for their contributions,” Kramer continues, expressing his confidence that Titan – for which agricultural tires are a core business – “will maintain the company’s strong relationships with Goodyear farm tire customers as well as the regions’ farming communities.”