QUINCY, Ill. (June 13, 2008) — Tire and wheel manufacturer Titan International Inc.'s board of directors has approved a stock split with a record date of July 31 and a payable date of Aug. 15, the company announced.
The stock split will be a five-for-four, meaning Titan will give five shares for every four shares held as of the record date (stockholders will receive one additional share for every four shares owned as of the record date and will receive cash in lieu of fractional shares).
The new shares will be delivered in book entry form and reflected on stockholder statements, the company said. No physical shares will be issued with the stock split; however, by a future stockholder request, physical shares can be issued.
Titan CEO Maurice Taylor Jr. said this action is being taken to show the company's stockholders how much their support is appreciated. “We are optimistic that 2008 will continue to be a period of further growth in sales and earnings as we proceed with the implementation of 57- and 63-inch off-the-road tire production in the third quarter,” he said.
The Quincy-based firm cautioned stockholders not to destroy their current stock certificates and not to mail them to the company or its transfer agent. The common stock certificates currently held continue to be valid and should be retained. The July 31 record date will also be used to calculate the fractional share amount, which will be based on the closing price on the New York Stock Exchange as of the record date.
Titan has split its stock twice before since its shares were made public in the spring of 1993. The first was in March 1995 and the second was in September 1995. Both were three-for-two splits.
The company's stock price opened at $39.68 per share on June 12, up $1.82 from its closing price of $37.86 the day before.