PITTSBURGH (Dec. 27, 2001)—The Pennsylvania Securities Commission has ordered a Jan. 14 hearing on a complaint that tire and wheel manufacturer Titan International broke state law when it attempted to gain control of specialty tire maker Polymer Enterprises Inc. in 1998 and 1999.
The Pittsburgh hearing will look into allegations made by Greensburg, Pa.-based Polymer that Maurice Taylor Jr., Titan CEO and president, violated Pennsylvania´s Takeover Disclosure Act by contacting and misleading company stockholders in attempts to buy shares from them.
Titan purchased shares in Polymer in 1998 from Harry C. McCreary, former CEO of McCreary Tire & Rubber Co., the predecessor of Indiana, Pa.-based Specialty Tires of America Inc. Polymer is Specialty Tires´ parent company.
After Quincy, Ill.-based Titan purchased the shares, Mr. Taylor contacted other stockholders, offering to buy their shares at the same price. Polymer claims Mr. Taylor misled those he contacted about the financial stability of and his holdings in the firm.