0000899751-13-000074.txt : 20131004 0000899751-13-000074.hdr.sgml : 20131004 20131004154904 ACCESSION NUMBER: 0000899751-13-000074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131004 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131004 DATE AS OF CHANGE: 20131004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TITAN INTERNATIONAL INC CENTRAL INDEX KEY: 0000899751 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 363228472 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12936 FILM NUMBER: 131136686 BUSINESS ADDRESS: STREET 1: 2701 SPRUCE ST CITY: QUINCY STATE: IL ZIP: 62301 BUSINESS PHONE: 2172286011 MAIL ADDRESS: STREET 1: 2701 SPRUCE ST CITY: QUINCY STATE: IL ZIP: 62301 FORMER COMPANY: FORMER CONFORMED NAME: TITAN WHEEL INTERNATIONAL INC DATE OF NAME CHANGE: 19930403 8-K 1 a100413form8kvoltyre-promp.htm TITAN INTERNATIONAL, INC. FORM 8-K OCTOBER 4, 2013 100413form8kvoltyre-prompurch




    
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 4, 2013

TITAN INTERNATIONAL, INC.
(Exact name of Registrant as specified in its Charter)


Illinois
1-12936
36-3228472
(State of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

2701 Spruce Street, Quincy, IL 62301
(Address of principal executive offices, including Zip Code)

(217) 228-6011
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







INFORMATION TO BE INCLUDED IN THIS REPORT

Item 8.01 OTHER EVENTS

On October 4, 2013, Titan International, Inc. issued a press release announcing it has closed the acquisition of a majority interest in Voltyre-Prom. A copy of the press release is furnished herewith as Exhibit 99.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits
99
Titan International, Inc.'s press release dated October 4, 2013, announcing it has closed the acquisition of a majority interest in Voltyre-Prom.






    

SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




 
TITAN INTERNATIONAL, INC.
 
(Registrant)

Date:
October 4, 2013
By:
/s/ PAUL G. REITZ
 
 
 
Paul G. Reitz
 
 
 
Chief Financial Officer
 
 
 
(Principal Financial Officer)
 
 
 
 







EXHIBIT INDEX


Exhibit No.
Description
 
 
99
Titan International, Inc.'s press release dated October 4, 2013, announcing it has closed the acquisition of a majority interest in Voltyre-Prom.



EX-99 2 a100413voltyre-prompurchex.htm PRESS RELEASE DATED OCTOBER 4, 2013 100413voltyre-prompurchex99



Exhibit 99

Titan International Becomes Managing Partner In Voltyre-Prom Purchase

Quincy, IL. - Titan International, Inc. (NYSE: TWI)
October 4, 2013

Titan International, Inc. (NYSE: TWI), in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF), announced it has closed the acquisition of a majority interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, from the principal owner, Cordiant, for approximately $94 million which includes the assumption of debt, subject to various post closing adjustments over a period of three years. Titan International will act as managing partner for the consortium which combines strong local business knowledge, financial expertise and manufacturing proficiency.

As Titan focuses on building a leading wheel, tire and undercarriage enterprise across the world, this transaction offers unique opportunities to both Titan and Voltyre-Prom. This investment will allow Voltyre-Prom to update its current operations and strategically grow the business. The acquisition complements Titan’s global strategy expanding our footprint into Russia. Voltyre-Prom held a 43 percent market share in agriculture tires and 16 percent market share in industrial tires in Russia in 2012. Titan’s experience in these markets will allow us to add synergies and resources to execute on opportunities for growth. Titan’s top customers such as Deere, CNH and Agco are expanding into the Russian market where agriculture is prospering as equipment purchases and mechanization increases. Voltyre-Prom annual revenue in 2012 was approximately $200 million.

Chairman and CEO, Maurice Taylor adds, “We are excited to be part of a consortium with RDIF and OEP which allows us to enter into Russia where Voltyre-Prom holds a dominant share in agriculture tires. As managing partner, we plan to expand our product offering and dealer network. The top executives from Voltyre-Prom, led by Olga Shilina, share in our enthusiasm and toured our U.S. facilities last month. This is the beginning of our advancement into Russia and the Commonwealth of Independent States region.”

About Titan International:
Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer applications. For more information, visit www.titan-intl.com.





Contact: Krista Gray, Director of IR & Communications
krista.gray@titan-intl.com; 217-221-4773