Engineering group Titan Europe has said it is encouraged by a number of new contract wins – and has revealed an investment in its Chinese business.
Kidderminster-based Titan (TSW) said despite the difficult macro-economic climate forward order books remain strong.
In a statement the board said certainty was impossible in this financial climate but information to hand confirmed management’s outlook for 2012.
In a trading update, Titan confirmed that Simest will invest £600,000 in the Titan ITM (Tianjin) Co. Chinese manufacturing business in exchange for a 20 per cent equity holding.
Titan Europe also announced that its recently formed wholly owned subsidiary Titan Wheels South Africa has acquired the South African businesses of Conron Wheels & Allied CC and Conron Earthmover Wheels for £900,000.
Chief executive Mike Akers said: “It is encouraging to be able to establish a local presence on the African continent, a region which offers growth potential for all of our products. This business will particularly provide leverage for our large mining products in the South African market.”