Titan’s Planet Group acquisition finalised
US off-road tyre and wheel specialist Titan International has closed on the purchase of Perth, Australia-based Planet Corporation Group. Titan acquired 56 per cent of Planet for US$22.9 million and paid-off the Australian firm’s outstanding credit facilities of $10.5 million at closing.
Planet is an OTR tyre and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture, construction and earthmoving industries. The company’s operations include National Tyres, Acme Wheel and Resource Tyre & Choice Tyre Wholesalers. During the last 12 months, Planet generated over $75 million in sales and in 2011 achieved approximately $10 million of EBITDA.
The Australian company will become a subsidiary of Titan Mining Services, the operation recently formed to build Titan’s mining business around the globe. Titan says this transaction demonstrates its “initiative to grow the OTR tyre and wheel business around the globe.”