Titan International emerged as the winner among multiple parties seeking to buy some or all of the remaining assets of the defunct Denman Tire.
Yesterday, the U.S. Bankruptcy Court approved Titan’s $4.4 million last minute bid to acquire all of Denman’s brands, patents, drawings, molds, recipes and other intellectual property. The assets were auctioned off by the court as part of Denman’s Chapter 7 liquidation.
Titan’s bid bested efforts by India’s Balkrishna Industries Ltd., which bid of $1.25 million, and GCA Tire, a group of local investors that bid $2.2 million. Tennessee’s Coker Tire had placed an early bid of $1.2 million for some of Denman’s assets.
Titan officials made no comment on the purchase.
The sale to Titan effectively closes the door on Denman’s plant in Leavittsburg, Ohio, and the 230 jobs there. Denman also owned a warehouse in nearby Austintown.
The bankruptcy auction addressed only plant operations and intellectual property; real estate, such as the plant and warehouse sites, will be dealt with later.
Titan now effectively owns the Denman brand and product lines it produced in the U.S., including small OTR and specialty tires.
Denman filed for Chapter 7 liquidation in March, ending months of conjecture on its condition.