U.S. Bankruptcy Court Approves Sale of Denman Tire's Machinery and Equipment

On Thursday, July 15, 2010, in United States Bankruptcy Court for the Northern District in Ohio, the judge signed the order approving the sale of the Denman Tire machinery and equipment, including other inventory items, for $3 million U.S. Dollars (USD) to Titan Tire Corporation, a subsidiary of Titan International, Inc. Denman, a producer of specialty tires, had estimated sales of $75 million USD in 2008. The purchase did not include any land or buildings.

“Closing should take place within a week. Titan then plans to move the machinery and equipment,” said Titan Chairman and CEO Maurice M. Taylor Jr. “I believe it was a great purchase for Titan and the machinery and equipment will complement Titan’s product line.”

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