Titan Tire Corp. Acquires Continental’s OTR Tire Facility
Titan Tire Corp., Quincy, Ill., today announced it has acquired the off-the-road (OTR) tire facility of Continental Tire North America, Inc. (CTNA) in Bryan, Ohio. The agreement was reached on July 31, 2006, for an approximate purchase price of $53 million.
“CTNA is pleased to have reached this agreement with Titan, a leader in the OTR tire business,” said Manfred Wennemer, chief executive officer of Continental AG. “The sale of our Bryan facility is part of our overall strategy to focus on passenger and light truck and commercial vehicle tire manufacturing. Today's announcement along with our other restructuring efforts will help us to secure our continued presence in North America for years to come.”
The OTR facility in Bryan has a workforce of approximately 325 employees and posted sales of $125 million in 2005.