QUINCY, Ill. (March 22, 2016) — Titan International Inc. has received a non-binding letter of interest that includes a nine-figure purchase price for its Italtractor ITM S.p.A. subsidiary, which designs and produces steel track and undercarriages for the construction, mining and agricultural markets.
The proposal is subject to and is predicated upon all necessary due diligence, Quincy-based Titan said, noting it has given the potential purchaser information concerning ITM. Titan previously had expressed its receptiveness to entertaining offers for the sale of ITM at this price level, which the company did not specify.
Titan said it has formed a special committee — comprising independent members of its board of directors — to review and analyze the issues relating to a possible sale of ITM, and engage in discussions with third parties, including with respect to the proposal. The company added that, to the extent appropriate, it was authorizing the committee to negotiate or supervise the negotiation of final terms of any transaction and any agreements necessary to give solidify the deal.
Gary Cowger is chairman of the committee, which also includes board members Albert Febbo, Peter McNitt and Anthony Soave.