QUINCY, Ill. (April 22)—Titan International Inc. has entered a stock purchase agreement with Citicorp Venture Capital Ltd., allowing the tire and wheel maker to repurchase about 4.9 million shares of Titan common stock for $15 million.
The agreement is incorporated with Quincy-based Titan's April 22 8-K filing with the Securities and Exchange Commission.
CVC was formerly the largest Titan stockholder and a significant investor in the company since 1993, according to Maurice Taylor Jr., Titan CEO and president.
Taylor added that the company will post operating profits for the first quarter of 2004.