Titan International Inc. has signed a letter of intent with Goodyear Tire & Rubber Co. to acquire certain farm tire assets, including the Goodyear Dunlop Tires France (GDTF) factory in Amiens, France.
"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," say Titan officials.
"We hope GDTF can come to an expedient arrangement with the Central Works Council in France," says Titan Chairman and CEO Morry Taylor. "If this can be done, the process can move forward."
Titan acquired Goodyear's farm tire unit in the U.S. several years ago and has exclusive rights to use the Goodyear ag tire brand.