Engineering firm Titan Europe has completed a £7.5 million takeover as part of plans to focus on growth regions.
Kidderminster-based Titan (TSW) has completed the takeover of the remaining 50 per cent of a joint venture business Titan Jantsa from Jantsa.
The move comes the day after Titan revealed sales had risen by more than a third and unveiled a plan to focus on growth areas around the world.
Titan Jantsa, established as a joint venture in 2005, serves the Turkish market and Western European OEM customers principally for agricultural wheels up to 38-inch diameter.
It currently manufactures 150,000 wheels per year and produces for CNH, Same, Landini and CLAAS in Europe and Turk Tractor in Turkey.
The operation made a profit of £877,000 in the year to December 31 after turning over almost £9 million.
Mike Akers, chief executive of Titan Europe, said Titan’s Turkish factory had proven a highly successful addition to the group’s manufacturing capability.
He added: “As we highlighted in our preliminary results, it is our intention to further develop our manufacturing presence in Turkey for wheels and in Brazil and China for undercarriages.
“We view Turkey as an excellent base to further expand our lower-cost production facilities. The Titan Jantsa operation has skills, resources and significant capacity available and we believe that it can further benefit from our 100 per cent ownership.
“The board expresses its sincere thanks to our partners in the Çerçioğlu family who have assisted us in the start-up phase of this important venture.”
The Post reported on April 18 that Titan saw sales rise to £355 million in the year to December 31, up from £258 million in 2010.
The company posted a pre-tax profit of £3.4 million – compared to a loss of £41 million in 2009 and also revealed a global supply contract with Volvo.