Titan International Inc. Signs Letter of Intent with Goodyear Tire & Rubber Co.
QUINCY, Ill.-(Business Wire)-September 23, 2009 - Titan International Inc. announces today that it has signed a letter of intent with The Goodyear Tire & Rubber Company to purchase certain farm tire assets, including the Goodyear Dunlop Tires France (GDTF) Amiens North factory. This agreement is non-binding and will be subject to GDTF’s satisfactory completion of a social plan related to consumer tire activity at the Amiens North facility, along with completion of due diligence, a definitive acquisition agreement and other standard acquisition approval requirements.
“Titan maintains its focus and specialty in the farm and off-the-road wheel and tire business,” said Titan Chairman and CEO Maurice M. Taylor Jr. “We hope GDTF can come to an expedient arrangement with the Central Works Council in France. If this can be done, the process will move forward.”
Titan International, Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.
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