Titan receives additional settlement put option notice
Titan International, Inc. has received an additional settlement put option notice From OEP 11 COÖPERATIEF U.A. (OEP), an affiliate of One Equity Partners, one of the three shareholders of Voltyre-Prom, of its exercise, effective 8 January 2019, of the settlement put option with respect to its holdings in Voltyre-Prom, pursuant to the Voltyre-Prom Shareholders’ Agreement.
The Company, together with OEP and the Russian Direct Investment Fund (RDIF), owns all of the equity interests in Voltyre-Prom, a leading producer of agricultural and industrial tyres, which owns and operates an over two million square foot manufacturing facility located in Volgograd, Russia.
The cash amount is estimated to be in the range of approximately $45.0 million to $46.2 million and the share amount range is estimated to be approximately 7.3 million shares to 7.5 million shares.
“The closing of the put option is required to occur within 60 days of the notice of the put option exercise from OEP, or when all necessary regulatory approvals are obtained, if later”, stated Paul Reitz, President and Chief Executive Officer.