Titan International, Inc. Announces License Agreement With Goodyear
Titan International, Inc (NYSE: TWI) 06.11.15 announced the signing of a license agreement with Goodyear Tire & Rubber. The license agreement allows Titan's to distribute and sell Goodyear-brand farm tires in Europe, the Middle East, Africa, Russia and other Commonwealth of Independent States countries, as well as manufacture such farm tires in parts of the licensed territory outside the European Union. In addition, Titan has purchased certain Goodyear molds and other assets currently located in Poland, Turkey and South Africa.
The expansion of the Goodyear-brand farm tire licensing includes more than a hundred countries in Europe, Middle East, Africa, Russia and the former CIS.
"We are very excited to expand upon our existing licensing arrangements in North America and Latin America to now include licensing of the Goodyear-brand farm tires in these additional, important agricultural regions," stated Maurice M. Taylor, Chairman and CEO.
This agreement is positive for all of our existing tire facilities as they support production of the Goodyear-brand as well as the expansion of Titan's LSW® technology to these new regions. Titan plans to add manufacturing of Goodyear-brand farm tires to the facility located in Russia to go along with the existing production in the US and Brazil. By adding production to our Russian facility it will enable us to provide our customers with a very competitive product offering in these new markets. This agreement will allow Titan to add to our unique competitive advantage by offering complete tire and wheel assemblies to meet our customers' needs within the markets we serve.