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News Release from Titan International, Inc. September 23, 2009
Titan International Inc. Signs Letter of Intent with Goodyear Tire & Rubber Co.
QUINCY, Ill.-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.
