Printer Friendly

TITAN WHEEL INTERNATIONAL, INC. ANNOUNCES ACQUISITION OF DYNEER CORPORATION

 QUINCY, Ill., Sept. 10 /PRNewswire/ -- Titan Wheel International, Inc. ("Titan") (NASDAQ-NMS: TWII) announced today the intended acquisition of Dyneer Corporation ("Dyneer") for common stock and cash. Including the assumption of Dyneer's current indebtedness of approximately $62 million, the transaction is valued at approximately $88 million. Additional consideration may be payable contingent upon the future performance of Dyneer and the resolution of certain contingencies. The acquisition is subject to shareholder approval of both companies, required regulatory filings, preparation of definitive agreements and certain other conditions.
 Dyneer, a privately held company, principally manufactures industrial tires, smaller diameter industrial equipment wheels and braking systems, as well as traction-enhancing differential systems, which will complement Titan's larger diameter agricultural and construction machinery wheels. Dyneer sales for calendar year 1992 were approximately $135 million.
 Maurice M. Taylor, president and CEO of Titan, stated that based on historical sales trends, the acquisition should more than double the current sales of Titan and will offer significant growth and earnings opportunities which will enhance its long-term performance.
 Titan is the leading manufacturer and marketer of steel rims for original equipment manufacturers in the agricultural and off-highway construction equipment markets. Titan is traded on the NASDAQ National Market System under the symbol TWII.
 -0- 9/10/93
 /CONTACT: Michael Panas of Titan Wheel, 217-221-4361/
 (TWII)


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

KE -- DE031 -- 0956 09/10/93 18:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 10, 1993
Words:235
Previous Article:ECD ANNOUNCES YEAR-END RESULTS
Next Article:CIATTI'S REPORTS FOURTH QUARTER, FISCAL 1993 RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters