QUINCY, Ill.Titan International Inc. has sold the assets of its North American brake and actuator business to Dexter Axle Co., a manufacturer of trailer axles, brakes, hubs and drums based in Elkhart, Ind.
Financial terms of the deal were not disclosed. The brake and actuator business was part of the company's consumer business unit based at the Union City, Tenn., plant Titan acquired from Goodyear in 2012.
Dexter plans to consolidate the acquired assets at its U.S. factories, in Indiana, Georgia, Oklahoma, California and Tennessee.
Titan did not disclose the business's sales. Last year, it reported sales of $268 million.
Dexter has been a leader in this industry for over 50 years and we wish them the best in the integration of the Titan product portfolio into their current offering, said Titan President Paul Reitz.
The business being sold was aquired by Titan in 1993 as part of its purchase of industrial tire maker Dico Inc. The business, principally an assembly operation using purchased components, was moved to the Union City factory a couple of years ago, Titan said.
Bryan Thursby, vice president of sales and marketing of Dexter Axle, said Dexter is eager to bring the additional options to our current customers and are looking forward to meet with and continue serving Titan's customers.
Dexter Axle is majority owned by a fund managed by Sterling Group, a leading private equity firm based in Houston.