(By Balachander) Titan International Inc. (NYSE:TWI) has agreed to acquire a majority stake in Australia-based OTR tire and wheel maker Planet Group for an undisclosed sum.
The all-cash deal is expected to be completed within 10 days.
Quincy, Illinois-based Titan owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.
Planet will become an unit of Titan Mining Services, which was established recently to expand Titan's mining business. Planet's products include: National Tyres, Acme Wheel, Resource Tyre and Choice Tyres Wholesalers.
Titan also provides rims, wheels, and tires for various off-the-road earthmoving, mining, military, and construction equipment.
TWI shares, which have been trading in the range of $12.97 to $29.95 over the past year, fell 5.73 percent to trade at $22.71 on Friday.