27 July 2011 – mining services venture
Titan Europe operates Mining Service Centres in various locations, including Australia and South America, which provide wheel and track service facilities to its Mining customers. Titan Europe’s trading subsidiary, Titan ITM, is one of the world’s largest suppliers of undercarriage, track assemblies and components for all industry sectors including Mining.
On 22 July, the American Group, Titan International Inc., a 21.8% shareholder in Titan Europe, announced the formation of Titan Mining Services, which will offer complete tyre, wheel and track services for end-users. Titan Europe will support the new Titan Mining Services operation by providing its design manufacturing and technical expertise in mining products to the new venture, including product design and supply, employee training and the supply of service equipment. The shares remain a BUY although it has to be said that the sharp recovery in the share price looks to have lost momentum in the near term.