The purchase is for the 50 per cent stake that Titan did not already own in the joint venture business with Turkish company Jantsa-Jant Sanayi ve Ticaret AS.

AIM-listed Titan has purchased the business from Jantsa for a cash consideration of €8.5 million (£7.4 million). The deal was made through subsidiary company Titan Italia SpA.

The joint venture manufactures agricultural wheels and was established in 2005 to serve the Turkish market and Western European ‘original equipment manufacturer’ (OEM) customers.

UK-headquarted Titan aims to develop its manufacturing presence in Turkey for wheels, and in Brazil and China for undercarriages, according to Mike Akers, chief executive of Titan Europe.

Akers adds: ‘We view Turkey as an excellent base to further expand our lower-cost production facilities.

‘The Titan Jantsa operation has skills, resources and significant capacity available and we believe that it can further benefit from our 100 per cent ownership.’