A Midland engineering group has been hit by the powerful earthquake that left thousands of people homeless in Italy.
Kidderminster-based Titan Europe has seen its large agricultural wheel factory in Finale Emilia damaged by last weekend’s magnitude six tremor, which was centred north of Bologna.
The facility in Italy accounts for annualised sales of around £50 million, representing 10 per cent of the group’s revenue.
In a statement to the London Stock Exchange, the company said work was being transferred to plants elsewhere in Europe.
It states: “Although this facility has been damaged in this weekend’s earthquake and is not currently operable, the board of directors is pleased to inform shareholders that 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 in the USA and other associates.”
The earthquake, which struck in the early hours of May 20, is estimated to have left 3,000 people displaced.
Civil protection officials in the town of Finale Emilia organised the setting up of tents on a football pitch to accommodate hundreds of residents.