Titan International, Inc. reports that it has closed a strategic partnership with Rodaros Industria de Rodas Ltda. (Rodaros), a Brazilian manufacturer of agricultural and construction wheels. Rodaros is the second largest manufacturer of agricultural wheels in Brazil, according to Titan. The partnership starts with an initial cash investment of $4 million by Titan for a 20 per cent ownership stake and includes commitments to acquire the remaining 80 per cent in 2029 based on financial performance criteria for final valuation of the enterprise. Titan will obtain one board seat within Rodaros (out of a three-member board) and will also begin “providing financial leadership”.
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