Harry C. McCreary Jr. is getting his revenge, after all. Titan International Inc. President and CEO*Maurice Taylor is said to be buying McCreary's remaining shares in Polymer Enterprises Inc. McCreary is the former CEO of McCreary Tire & Rubber Co. His grandfather, Harry C. McCreary, founded the company in 1915, and for most of the century it operated in the shadow of the major tire makers as a small, independent business.
Stress "independent." Harry C. McCreary Jr. is as outspoken as they come and skilled enough to keep his company afloat for many years in a highly competitive market. After Polymer bought control of McCreary, and changed the company's name to Specialty Tires of America Inc., Harry McCreary remained a director, although he relinquished control of the firm.
McCreary was involved in a 1992 attempt by Lincolnshire Management Co. to buy control of the company. They lost when Polymer Enterprises won an injunction against McCreary and Lincolnshire from using any information he obtained while a Polymer Enterprises officer.
And that's the way it's been at the Indiana, Pa., tire company ever since. McCreary remained a minority shareholder, holding about a 31-percent interest in the firm, but apparently had no influence on its management. There was no love lost between those two parties, particularly after the failed takeover attempt.
Perhaps McCreary just wants to cash out. Maybe, but it sure looks like there's more to it, considering the buyer of his interest is Titan's Taylor.
If Polymer Enterprises thought they had a strong personality to deal with in McCreary, wait until they get a load of Taylor. The one-time presidential candidate has a reputation of never taking ``no'' for an answer, a person who imposes his will on all those he does business with.
The fox has entered the Specialty Tires henhouse, and McCreary opened the door for him.