RNS Number : 6968Z
Titan Europe PLC
25 September 2009
Issued by Citigate Dewe Rogerson, Birmingham
Date: Friday 25 September 2009
Immediate Release
Titan Europe Plc
Titan International, Inc. ('Titan') a major shareholder in Titan Europe Plc ('Titan Europe') has announced that it has signed a letter of intent with The Goodyear Tire & Rubber Company to purchase certain farm tyre assets, including the Goodyear Dunlop Tires France (GDTF) Amiens North factory.
This agreement is non-binding and will be subject to GDTF'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.
Chairman and CEO of Titan International, Inc., Maurice M. Taylor Jr, who is also Non-Executive Chairman of Titan Europe said:
"Titan International, Inc. maintains its focus and specialty in the farm and off-the-road wheel and tyre business and 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."
Enquiries:
Titan Europe Plc Titan International, Inc.
Mike Akers, Chief Executive Corporate Communications
Gary Chesterton, Group Finance Director Tel: (00)1 217 221-4489
Tel: +44 (0) 1562 850561
Seymour Pierce
Mark Percy
Tel:+44 (0)20 7107 8000
Citigate Dewe Rogerson
Fiona Tooley or Keith Gabriel
Tel: +44 (0)121 362 4035
Editors Notes
Titan International, Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.
Titan International, Inc. has an interest in 18,993,821 ordinary shares in Titan Europe Plc which represents 22.9% of Titan Europe's ordinary share capital in issue.
Titan Europe Plc (LSE: AIM:TSW.L) is a world leading engineering group designing, developing, manufacturing and distributing products and services for the global mining, construction and agricultural machinery markets. It has two distinct product ranges, organised into two divisions, Wheels and Undercarriages. For more information, visit www.titaneurope.com.
Mike Akers, Chief Executive of Titan Europe is also a Director on the Board of Titan International, Inc.
This information is provided by RNS
The company news service from the London Stock Exchange
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