CTNA Bryan plant sale update: Pensler in, Titan/Rosler out
Titan International Inc. and The Rosler Group are no longer in the running to buy Continental Tire North America Inc.'s (CTNA) OTR tire plant in Bryan, Ohio. Instead, Pensler Capital Corp. -- which owns Denman Tire Corp. -- has signed a letter of intent to acquire the facility.
"Negotiations with Rosler and Titan stalled," Rick Holcomb, senior counsel for CTNA, told moderntiredealer.com earlier today. "We weren't successful in reaching terms with them."
Pensler stepped in and signed a letter of intent to buy the plant on Jan. 16.
"It's our understanding that Pensler has begun negotiations with the United Steelworkers."
In order to buy the Bryan plant, a potential buyer must first forge a new labor contract with the union.
Holcomb expects "things to develop quickly over the next few weeks."
Last September, Titan formed an alliance with Dortmund, Germany-based Rosler in an attempt to buy the factory, which can produce 300 OTR tires a day at capacity, according to Modern Tire Dealer research.