Continental Tire North America Inc. (CTNA) has officially received a memorandum of understanding from Titan International regarding Titan's desire to buy CTNA's OTR tire plant in Bryan, Ohio, according to a CTNA spokesman.
Pensler Capital Corp, which owns Denman Tire Corp., had been in the running to possibly acquire the factory, but CTNA is only negotiating with Titan at the moment.
If talks with Titan fall through, "the door is open for Pensler or any other interested party."
Titan says it hopes to have a deal in place within 30 days.
