Titan Buys More Denman Machinery

Titan Tire Corporation, a subsidiary of Titan International, Inc bought a second lot of equipment from the bankrupt Denman tyre. According to information from the United States Bankruptcy Court for the Northern District in Ohio, the judge signed the order approving the sale of the Denman Tire machinery and equipment, including other inventory items, for US$3 million. This pricetag appears to be twice the level of earlier reports linking Titan to a further Denman equipment purchase for $1.5 million.

The latest purchase follows Titan’s successful earlier $4.4 million last minute bid to acquire all of Denman’s brands, patents, drawings, molds, recipes and other intellectual property in May 2010. Details of precisely what Titan bought this time are scant, but the company has said “the purchase did not include any land or buildings.”

“Closing should take place within a week. Titan then plans to move the machinery and equipment,” said Titan chairman and CEO Maurice M. Taylor Jr. “I believe it was a great purchase for Titan and the machinery and equipment will complement Titan’s product line.”

Denman, which filed for chapter 7 bankruptcy in March 2010, had estimated sales of US$75 million in 2008.

Related News:

• Titan Going After Other Denman Assets

• Last Minute Bid Gives Denman Assets to Titan

• Denman Tire Files for Bankruptcy