Report: Titan Poised to Enter Russian Tire Market

The Moscow Times reported that Titan International may enter the Russian tire market via purchase of a stake in Voltair Prom, a Kordiant-owned tire plant in Volgograd.

According to the report, the Voltair Prom plant currently produces agricultural and industrial tires, and was valued at around $150 million.

JPMorgan and the Russian Direct Investment Fund, a source told the newspaper, could be involved as partners in a deal.

RDIF director Konstantin Ryzhkov told the newspaper that “his organization knows a number of ‘first-class partners’ with whom they could invest in the tire production market.”

The report said a deal could be finalized by the end of June. Neither Titan nor other parties have offered any comment on the matter.

In April, when Titan issued its first quarter results, CEO and chairman Morry Taylor made specific mention about the Russian market. In looking at where Titan’s best growth opportunities lie, Taylor stated: “Russia and Ukraine will be a high growth opportunity for Titan over the next 10 years.

“I am very upbeat on South America and Russia,” Taylor said. “Even if crop prices would drop 25%, areas like South America and Russia have a tremendous growth in agriculture equipment and mechanization. India and China, I believe, will not grow at such a rapid pace.”

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.