Titan division makes £7.4m buy
A subsidiary of Worcestershire-based Titan Europe has acquired the remaining 50 per cent interest in its joint-venture business Titan Jantsa. Titan Italia paid €8.5m (£7.4m) for the business.
The announcement comes the day after the global engineering business recorded year-end sales of £355m.
Titan Jantsa was established as a joint venture in 2005. It serves the Turkish market and Western European customers, mainly for agricultural wheels up to 38-inch diameter.
The Titan Jantsa operation currently manufactures 150,000 wheels per year and produces for CNH, Same, Landini and CLAAS in Europe and Turk Tractor in Turkey.
For the year ended 31 December 2010, Titan Jantsa recorded pre-tax profits of €1m
Titan Europe said in its year-end results, published yesterday, that it wanted to expand further into international markets.
Mike Akers, chief executive of Titan Europe, said: “As we highlighted in our preliminary results, it is our intention to further develop our manufacturing presence in Turkey for wheels and in Brazil and China for undercarriages.
“We view Turkey as an excellent base to further expand our lower-cost production facilities. The Titan Jantsa operation has skills, resources and significant capacity available and we believe that it can further benefit from our 100 per cent ownership.”
