AKRON (July 8, 2005) — Goodyear and Titan International Inc. have agreed to extend until Sept. 1 the deadline of their agreement for Titan to buy Goodyear's farm tire business.
The companies announced in February that Goodyear would sell its unprofitable North American farm tire business to Titan for $100 million. The deal, which included Goodyear's Freeport, Ill., plant, equipment and about $47 million in inventory, is dependant on Titan reaching an accord with the United Steelworkers.
Initially the companies set June 30 as the date after which either could terminate the deal if it had not closed or an agreement with the union was not reached. In a recent filing with the Securities and Exchange Commission, Titan said the date was extended.