QUINCY, Ill. -- Titan Tire Corp., a subsidiary of Titan International Inc., has entered into agreements with the Goodyear Tire & Rubber Co. to buy its European and Latin American farm tire businesses, including a licensing agreement that will allow Titan to manufacture and sell Goodyear-brand farm tires in Europe, Africa, Eastern Europe, Russia, Latin America and North America. The businesses are being acquired for approximately $130 million, subject to post-closing adjustments.

The company did a similar deal with Goodyear in December 2005, when Titan purchased the assets of Goodyear’s North American farm tire business, including a plant in Freeport, Ill.

The Latin American portion of the transaction includes Goodyear’s Sao Paulo, Brazil, manufacturing plant, property, equipment and inventories. Subject to customary closing conditions and regulatory approvals, the deal is expected to close in the first half of 2011.

The European portion of the transaction is contingent upon decisions made regarding the previously announced discontinuation of consumer tire production at Goodyear’s Amiens North, France, manufacturing plant. Upon completion of this action and other customary approvals, the transaction will include the Amiens North plant, property, equipment and inventories.

“Titan is pleased to be adding these new regions to our current book of global business,” said Chairman and CEO Maurice Taylor Jr. “These acquisitions support our global vision of becoming the premier farm tire manufacturer in the world. In the past, these assets have had sales in excess of $400 million annually. Going forward, my expectations are to increase the sales in a short period of time.”