Titan says it's closing in on purchase of CTNA's OTR plant

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Titan International Inc. could finalize its acquisition of Continental Tire North America Inc.'s (CTNA) OTR tire plant in Bryan, Ohio, on Monday, July 31.

The sale depends on the ratification of a new labor contract by the United Steelworkers Local 890L, which represents workers at the plant, on Saturday, July 29, and also the consent of CTNA shareholders.

"As of July 27, 2006, CTNA... has agreed on substantially all of the terms of the asset purchase agreement and related agreements with Titan," say Titan officials.

Titan announced in late April that it was in talks with CTNA to acquire the OTR plant, which produces 300 units per day at capacity, according to Modern Tire Dealer research.

"Our goal is to finalize this transaction as soon as possible."

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