An axle and brake manufacturer in Elkhart has acquired a division of an Illinois-based company. The deal for Titan International Inc.’s brake and actuator business marks the second acquisition in a month for Dexter Axle Co.
Director of Marketing Jim Berry tells Inside INdiana Business approximately 20 Titan employees will come over as part of the deal.
Dexter, which last month announced a deal to acquire German manufacturer AL-KO Vehicle Technology, currently has around 1,700 workers. The AL-KO deal will create Elkhart County-based DexKo Global Inc., which the company says could generate nearly $1 billion in global sales.
Chief Executive Officer Adam Dexter says "we are very excited to add the Titan brake and actuator lines into our product offering. Titan has a history of quality and innovation that will fit nicely within our existing culture." Titan International is a holding company with subsidiaries that supply wheels, tires, assemblies and undercarriage components for agricultural, earthmoving/construction and consumer industries.
Titan’s Randy McMann will be sales manager for the Titan brand at Dexter.
Dexter Axle, which is majority-owned by Texas private equity firm The Sterling Group, has a global distribution presence and facilities in Indiana, Georgia, Oklahoma, California and Tennessee. The Titan brake and actuator has office in Iowa and are manufactured in Tennessee.
The companies are not releasing the price of the transaction.