QUINCY, Ill. (Aug. 1, 2006) — Titan Tire Corp. has finalized a $53 million deal to buy Continental Tire North America Inc.'s Bryan, Ohio, off-the-road tire plant.
Titan, a subsidiary of Quincy-based Titan International Inc., said the deal was finalized July 31 after the United Steelworkers union approved a new contract with Titan on July 30. The Bryan plant employs 325 workers and posted sales of $125 million in 2005.
“The sale of our Bryan facility is part of our overall strategy to focus on passenger and light truck and commercial vehicle tire manufacturing,” said Conti CEO Manfred Wennemer. “Today's announcement along with our other restructuring efforts will help us to secure our continued presence in North America for years to come.”