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 QUINCY, Ill., Nov. 18 /PRNewswire/ -- Titan Wheel International, Inc. (NASDAQ-NMS: TWII) announced that the acquisition of Dyneer Corporation, a manufacturer of wheels and tires for lawn and garden equipment, golf carts, recreation and industrial trailers, ATVs and farm and industrial equipment, was approved at a shareholders meeting on Nov. 12, 1993. The acquisition was completed the same day.
 Titan Wheel also completed an offering of $103.5 million 4.75 percent Convertible Subordinated Notes due in the year 2000 on Nov. 18, 1993. The Notes are convertible into shares of common stock of Titan Wheel at a conversion price of $28.125 per share. The use of proceeds of the offering is to retire $43 million of 13.25 percent Dyneer Corporation Senior Subordinated Debentures, pay the related redemption premium, repay revolving bank debt of Titan Wheel and Dyneer, and for general corporate purposes, including possible future acquisitions and the repayment of other existing debt of Titan Wheel and Dyneer.
 In addition to wheels and tires, Dyneer Corporation is also a leading producer of braking systems for boat trailers, as well as traction-enhancing differential systems used in the construction and specialty truck markets. Dyneer's sales were $79.3 million for the six months ending June 30, 1993, and $137.5 million for the full year of 1992.
 Titan Wheel is the leading manufacturer and marketer of steel wheels and rims for original equipment manufacturers in the agricultural and off-highway construction equipment markets.
 In light of the Dyneer acquisition, Titan Wheel also announced major changes to corporate structure and functions that will reduce costs and recognize that Dyneer products complement Titan Wheel's present product offering.
 Dyneer facilities in Scottsdale, Ariz., will be closed and moved to the Titan Wheel headquarters in Quincy. The new Titan Wheel Board of Directors will consist of: President and CEO Maurice M. Taylor Jr., 49; former MascoTech President Erwin Billig, 66; Vice President of Automotive Marketing and Sales at GE Automotive Albert Febbo, 54; and CFO Richard Colletta, 41. Richard Cashin, 40, of CitiCorp Venture will also be joining the Titan Wheel Board of Directors. Billig will assume the chairmanship of Titan Wheel in January of 1994. The Dyneer Board will consist of Cashin, Billig, and Taylor. Taylor will assume the duties of president and CEO for Dyneer, while Colletta will assume the duties of CFO for Dyneer. All Titan Wheel and Dyneer Corporation financial personnel will report to Colletta.
 Mike Samide, 49, president of Dico, a Dyneer subsidiary, will also join Titan Wheel as vice president of Operations. Samide is based out of Titan Wheel's headquarters in Quincy. Both the Quincy and Walcott facilities operations managers will be reporting directly to Samide.
 Ralph McGee, 56, president of Tractech, also a Dyneer subsidiary, has been given the added responsibilities of managing the operations of Automation International, a wholly owned subsidiary of Titan Wheel.
 Titan Wheel Vice President of Sales Steven Root, 39, now assumes responsibilities as the new corporate vice president of Sales. Sales personnel of both Titan Wheel and Dyneer will report to Root.
 The corporate vice president of Materials is Lou Vodopivec, 49. Previously the vice president of Materials of Titan Wheel, Vodopivec will now be traveling to all facilities to review what items can be purchased on a company-wide basis.
 Vice President of Marketing Ray Alexander, 60, will now assume the duties as corporate vice president of Marketing, encompassing both Titan Wheel and Dyneer marketing efforts.
 Ron Schildt, 54, has been named as the new operations manager for the Titan Wheel Quincy facility. Schildt came to Titan Wheel after being employed by Quincy-based Gardner-Denver.
 Barry Figel, 43, will be functioning as the operations manager of the Titan Wheel Walcott facility. Figel previously held the position of manufacturing manager for the Walcott facility.
 -0- 11/18/93
 /CONTACT: Richard Colletta of Titan Wheel International, 217-221-4439/

CO: Titan Wheel International, Inc.; Dyneer Corporation ST: Illinois IN: AUT SU: TNM

KE -- DE013 -- 6080 11/18/93 13:36 EST
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Publication:PR Newswire
Date:Nov 18, 1993

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