Titan International last week closed on the purchase of Planet Corp. Group based in Perth, Australia. Titan acquired 56 percent of the corporation for $22.9 million and paid off its outstanding credit facilities of $10.5 million at closing. Planet generated more than $75 million in sales over the past 12 months and reported approximately $10 million of EBITDA in 2011. Planet includes National Tyres, Acme Wheel and Resource Tyre & Choice Tyre Wholesalers.
Planet is an OTR tire and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture, construction and earthmoving industries. Planet will be a subsidiary of Titan Mining Services, which was formed recently to build Titan’s mining business around the globe.
Quincy, Ill.-based Titan International, is a holding company that owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer applications. For more information, visit www.titan-intl.com.