Titan Outdoor is to pull out of the Republic of Ireland at the end of the year, after reaching a mutual agreement with CIE to surrender the national rail company’s €100m outdoor media contract.
CIE is to take its outdoor media in-house from 1 January 2010. A new company will take on most of Titan Outdoor’s 40-odd staff and will be led by James Barry, current chief executive of Titan Outdoor in Ireland.
The contracts and assets of Titan Outdoor Ireland, including billboard, malls and supermarkets not associated with CIE, will also be operated by the new company.
It is expected that CIE will re-tender the contract when the market improves. Don Allman, president and chief executive of Titan Worldwide, said the company would be interested in tendering at that time.
Allman added: “During 2009, the Irish market was down more than 40% compared with the previous year. We went to CIE and talked to them about the situation. We could never have contemplated that we would be 45% down. We attempted to revise the contract, but ultimately both parties decided it was in our mutual best interest to terminate it at the end of this year.”
By effectively taking the contract in-house Allman said CIE was avoiding avoiding putting the contract out to tender in a difficult year. He added that CIE staff recognised Titan had “done an excellent job for all the years up to 2009”.