QUINCY, Ill.-Titan International Inc. hasn´t completed its purchase of Continental Tire North America Inc.´s Bryan, Ohio, off-the-road tire plant, but a final handshake could be coming soon.
Maurice Taylor Jr., Titan chairman and CEO, said May 24 the two sides are hammering out the details of a definitive agreement and expects to be close to concluding the deal within a week to 10 days. The Quincy-based tire and wheel maker continues to get information from Conti about the plant and its workings, Taylor said.
John Bowling, unit chair of United Steelworkers Local 890L in Bryan, said the union hasn´t met with Titan yet regarding a new contract but believes talks could begin sometime after Memorial Day weekend. The USW represents the plant´s 270 hourly workers
The acquisition-announced by Titan April 24-is subject to approval by the boards of directors at Titan and Conti, Conti shareholders and the appropriate government agencies. But it also is contingent on negotiations between the USW and Titan, because the union´s contract with Conti contains a successorship clause dictating a potential new buyer reaches a collective bargaining agreement with the workers.
The Conti/USW pact covering the Bryan local expires in December.
In other Titan news, the company´s board of directors re-elected Taylor as CEO and chairman for four more years.
The board also re-elected Ernest J. Rodia as executive vice president and chief operating officer, Kent W. Hackamack as vice president of finance and treasurer, and Cheri T. Holley as vice president and secretary. The elections were in conjunction with Titan´s annual stockholders´ meeting, held May 18 in Freeport, Ill.
Titan stockholders re-elected directors Erwin H. Billig and Anthony L. Soave, who will serve three-year terms. Stockholders also ratified PricewaterhouseCoopers L.L.P. as the company´s independent registered public accounting firm for 2006.