Cordiant sells Russian tire manufacturer

A consortium of the Russian Direct Investment Fund, Titan International Inc and One Equity Partners have completed the acquisition of Russian agricultural and industrial tire manufacturer, OJSC Voltyre-Prom, from Cordiant. The deal represents One Equity Partners’ first investment in Russia.

PRESS RELEASE

A consortium of the Russian Direct Investment Fund
(RDIF), Titan International Inc. and One Equity Partners announced they have
completed the acquisition of leading Russian agricultural and industrial tire
manufacturer, OJSC Voltyre-Prom, from Cordiant.
Under Cordiant’s management OJSC Voltyre-Prom has successfully developed its
production base, updating production processes through the introduction of new
technology and establishing quality control procedures. This has underpinned the
expansion of the company’s product portfolio and streamlined business operations.
Titan International plans further modernization at Voltyre-Prom to allow further growth
in the production of tires for international and domestic modern agricultural machinery.
This will reduce Russia’s reliance on imports of the specialty tires and may eventually
enable the country to begin exporting the products.
The participation of Titan International in the deal is significant as the first global
industrial strategic partner RDIF has invested alongside. The deal also represents One
Equity Partners’ first investment in Russia.
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Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity
investments primarily in the Russian Federation. In each investment it makes, RDIF is
mandated to secure co-investment that as a minimum matches its commitment, thus
acting as a catalyst for direct investment into the Russian economy. Further information
at http://www.rdif.ru
Titan International is one of the world’s largest manufacturers of agricultural and
industrial tires with net sales exceeding US$ 1,8 billion in 2012. The company operates
globally and manufactures under the Titan and Goodyear brands. Its OEM customers
include John Deere, AGCO, Case IH/Case Construction, New Holland, Caterpillar and
Kubota. Further information at http://www.titan-intl.com
One Equity Partners. Founded in 2001, One Equity Partners, a subsidiary of JP
Morgan Chase & Co., currently manages US$ 11 billion portfolio of private equity
investments. By working in partnership with owners and managers, OEP invests