QUINCY, Ill. (Aug. 18)—Maurice Taylor Jr., president and CEO of tire and wheel maker Titan International Inc., intends to sell up to 40,000 shares of Titan common stock owned by the Maurice and Michelle Taylor Foundation, the company announced Aug. 18.
The foundation's funds primarily are used to award college scholarships to children of Titan employees. In addition, Maurice and Michelle Taylor will sell up to 450,000 shares of Titan stock held in their name to pay personal financial obligations.
A Form 4 has been filed for 180,600 shares sold and any further sales will also be filed with the Securities and Exchange Commission, Titan said.
Taylor has not sold any of his Titan stock for more than seven years, he said in a statement. In March 2004, the Taylor Foundation sold 10,000 shares at about $5 per share. Titan shares, which are traded on the New York Stock Exchange, have more than doubled in value, and the price closed at $10.22 Aug. 17.
"I have obligations for the use of these funds. After these transactions, I will still hold approximately 1.8 million shares, including over 300,000 in stock options, so I hope the price doubles again."