Titan Deal for CTNA Plant May Be Completed This Weekend - Tire Review Magazine

Titan Deal for CTNA Plant May Be Completed This Weekend

(Akron/Tire Review) Titan International Inc. says it anticipates that union workers at Continental Tire North America’s Bryan, Ohio, OTR tire plant will vote this weekend on a new master contract, paving the way for Titan to complete its planned purchase of the facility.

Titan said that USW Local 890, which represents the plant, will vote Saturday, July 29, on a new collective bargaining agreement. The new contract is mandated under terms of USW’s existing contract with CTNA.

Titan said that as of July 27, CTNA had agreed “on substantially all of the terms of the Asset Purchase Agreement and related agreements with Titan.” The transaction is also subject to vote by “all shareholders of CTNA.”

If the local accepts the new contract, Titan said, it hopes to close the purchase deal on July 31.

In other Titan news, the company reported first half 2006 sales of $357.8 million, up from the $270.8 million recorded in the first half of 2005. The increase in sales was due, said Titan, to its acquisition of Goodyear’s agricultural tire division. Gross profit for the half was $53.6 million, as compared to $46.6 million for the first half of 2005.

Year-to-date net income, though, was down, reaching $14.2 million in 2006 vs. $15.4 million year-to-date in 2005.

"Titan achieved another positive quarter," stated Titan Chairman and CEO Morry Taylor Jr., "even with facing the strong head wind of an estimated five percent decrease in U.S. agricultural equipment demand and ever-higher raw material costs, especially in petroleum-based products. Titan continues to evaluate pricing in relation to these rising raw materials costs.”

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