Titan Europe (AIM:TSW): impact of facility closure limited
The manufacturer of wheels and undercarriages for tracked and wheeled "off-road vehicles" has reported that its Italian large-Agricultural Wheel facility located in Finale Emilia has been damaged in this weekend's earthquake and is not currently operable.
The operation accounts for annualised sales of around £50m representing 10% of the Group’s revenue. Thankfully no employees were injured and the physical damage to the facility appears on first assessment to be repairable. However, work will not be able to commence until clearance has been given by the Italian Authorities and a structural survey has been completed. Titan Europe confirms that it has insurance for actual and consequential loss as a result of earthquakes. Management is currently organising the transfer of production to the Company’s facilities in France and Turkey and also looking for assistance from Titan International’s facilities…