Titan to Purchase Goodyear European Agri Assets
Titan International has signed a non-binding letter of intent with Goodyear Tire & Rubber to purchase certain farm tyre assets, including the Goodyear Dunlop Tires France (GDTF) Amiens North factory. The agreement is subject to the French Goodyear operation’s “satisfactory completion” of a social plan related to consumer tyre activity at the Amiens North facility, along with completion of due diligence, a definitive acquisition agreement and other standard acquisition approval requirements.
“Titan maintains its focus and specialty in the farm and off-the-road wheel and tyre business,” commented Titan Chairman and CEO Maurice M. Taylor Jr. “We hope GDTF can come to an expedient arrangement with the Central Works Council in France. If this can be done, the process will move forward.”
Titan acquired Goodyear’s North American agricultural tyre business in late 2005.