Titan International, in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF), has acquired the majority interest in Voltyre-Prom for approximately $94 million. Titan will act as the managing partner for the consortium.
“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,” said, Maurice Taylor, chairman and CEO of Titan International. “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.”
Voltyre-Prom is a leading producer of agricultural and industrial tires in Volgograd, Russia. The company had a 43% market share of ag tires and 16% market share on industrial tires in 2012 in Russia. Its former principal owner is Cordiant.
The transaction offers unique opportunities for both Titan and Voltyre-Prom. Voltyre-Prom will be able to update its current operations and Titan will be able to expand it footprint to Russia.
