Bruce Davis, Tire Business staff
QUINCY, Ill. (June 6, 2013) — Off-road tire specialist Titan International Inc., is negotiating with Russian tire maker JSC Cordiant about a potential investment in Russia.
Titan issued a statement today confirming its interest after news media in Russia reported on the negotiations. In its statement, Titan said it believes the growth of farming and mining worldwide will be in Russia and the neighboring Confederation of Independent States.
Titan said it is working with One Equity Partners (OEP) — the private equity arm of J.P. Morgan Chase & Co. — and Russian Direct Investment Fund (RDIF) — a $10 billion fund established by the Russian government to make equity investments primarily in the Russian economy — in negotiating with Cordiant, the manufacturing venture previously known as OAO Sibur Russian Tyres.