OTR Tyres to acquire the Australian wheel business from Titan International for $17m.

OTR Tyres, a local leading national tire, agreed to acquire the Australian wheel business from Titan International, a manufacturer of wheels, tires, wheel and tire assemblies, and undercarriage systems and components, for $17m. "Our Australian management team has consistently made decisions to put the business on a good path. In concert with our Board of Directors, we believe the business will be best suited in the hands of a local market leader, which can continue to develop and grow the business going forward. We will continue to operate our undercarriage business in Australia, and the sale of this business will have minimal impact on sales of tires manufactured by Titan," Paul Reitz, Titan President and CEO.