Moscow, October 4, 2013 – A consortium of the Russian Direct Investment Fund (RDIF), Titan International, Inc. and One Equity Partners, announced completion of acquisition of Voltyre-Prom, the leading Russian agricultural and industrial tire manufacturer from Cordiant.
Under Titan International management Voltyre-Prom plans to modernize its operations, focus on growing its production of specialty tires for international and domestic modern agricultural machinery, reduce reliance on imports by localizing production in Russia and potentially start exporting the products.
This is the first example of RDIF successfully attracting a world class industrial strategic partner as a co-investor. The deal also represents the first investment of One Equity Partners in Russia.
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 globally in transactions that promote strategic and operating change, creating long-term value. Further information at http://www.oneequity.com
Cordiant – is a leading Russian producer of tires. It consists of 4 tire plants and 5 divisions. The revenue for 2012 was 28 billion rubles. The holding produces and supplies about 400 different types of tires. The main brands (auto and light truck tires) and TyRex (cargo and agricultural tires). Further information at www.cordiant.ru
Contact person for more information:
Press Secretary of RDIF
Mobile phone: +7 964 726 1773
Andrew Hayes / Maria Ignatova / Elena Kuza / Charlie Barker
Tel: +44 (0) 20 7796 413