With its third quarter financial results press release, it was learned that Titan International has successfully landed Titan Europe in a stock swap deal.

"The most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe," said Titan International chairman and CEO Morry Taylor. "In fact as you read this, I am in Europe at the closing of this transaction. We will be finalizing how we will restructure the company, which we will own 100%. The increased global footprint creates strong opportunities for the future."

In August, Titan International offered Titan Europe shareholders one new share of its stock for every 11 shares in Titan Europe they held. The unconditional offer was redeemed, and at its closing on Oct. 19 gave Titan International a total (including shares already owned) stake of 97.1% in Titan Europe.

Titan International then issued approximately 5.6 million shares of common stock to Titan Europe shareholders with a value of $107.6 million.  

In other Titan International news, Taylor said he expects production at Titan’s Bryan, Ohio, OTR plant to increase “by 20% month over month until the end of the year, with September production being the base month.”

Citing ongoing problems installing a new computer system there, Taylor expressed displeasure with how quickly the system has been assimilated. “If we had produced what we were supposed to this past quarter, Titan’s results would have been better than anything I ever imagined. We will solve the production problems.  

“The opportunities for Titan in our new Titan Mining Service business are tremendous. I believe over the next 18 months this business will really grow by bringing together the mining business from the Titan Europe acquisition. Titan’s current run rate is now greater than $2.5 billion revenue and growing.”