QUINCY, IL--July 13, 2012: Titan International, Inc. has signed an agreement to purchase a majority ownership interest in Planet Corporation Group of Companies ("Planet") in an all-cash transaction. Planet includes National Tyres, Acme Wheel, Resource Tyre and Choice Tyres Wholesalers and is based in Perth, Australia. The purchase price and revenue information will be released upon closing which is expected to be within 10 days.
Planet is an OTR tire and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture, construction and earthmoving industries. Planet will be a subsidiary of Titan Mining Services, which was formed recently to build Titan's mining business around the globe. This transaction demonstrates Titan's initiative to grow the OTR tire and wheel business worldwide.