Titan announces $50 million share repurchase
CHICAGO — Titan International, Inc. has announced today that its board of directors authorized a share repurchase program allowing for the expenditure of up to $50 million for the repurchase of the company’s common stock.
This authorization will take effect immediately and will remain in place for up to three years. Repurchases will be made from time to time in accordance with applicable securities laws in the open market and/or in privately negotiated transactions and will include repurchases pursuant to Rule 10b5-1 trading plans.
A committee of the company’s board of directors comprised of Maurice M. Taylor Jr., Paul G. Reitz and Mark H. Rachesky, has been appointed to supervise the share repurchase program, based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the indenture governing the company’s senior secured notes, and other factors. The repurchase program does not obligate the company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended or terminated at any time at the company’s discretion.
“The company’s performance over the last two years has now given our Board of Directors an opportunity to look at our strategic options for our cash,” said Reitz, Titan’s president and chief executive officer. “We believe there are numerous options in front of us to impact our financial returns to investors, and this authorization is just one of those options that we will pursue.”
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