Key Developments: Titan International Inc (TWI.N)
16.50USD
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$-0.33 (-1.96%)
$16.83
$16.78
$16.85
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234,331
226,156
$27.10
$15.77
Latest Key Developments (Source: Significant Developments)
Consortium of RDIF, Titan International Inc, One Equity Partners to Buy Voltayr-prom OAO from Cordiant-Interfax
Interfax reported that a consortium of the Russian Direct Investment Fund (RDIF), agricultural machinery tire producer Titan International Inc (Titan), and the fund One Equity Partners has struck a principled agreement with the holding Cordiant concerning investment in Voltayr-prom OAO (Voltair-Prom), an RDIF statement says. The parties to the deal intend to wrap it up soon. The consortium will thereby become the owner of a controlling stock interest in Voltair-Prom and Titan will be a managing partner. Full Article
Titan International Inc Announces Second Quarter Cash Dividend
Titan International Inc announced that it has approved a quarterly cash dividend of $.005 (one half cent) per common share for the second quarter of 2013. The cash dividend is payable July 15, 2013, to stockholders of record on June 28, 2013. Full Article
Titan International Inc Closes Private Placement Of Senior Secured Notes Due 2017
Titan International Inc announced that the closing of its offering of $325,000,000 aggregate principal amount of its 7.875% Senior Secured Notes due 2017 (the Notes). The Notes were offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S. Titan intends to use the net proceeds from the offering to repay a portion of the existing indebtedness of certain of its indirect subsidiaries under the European credit facilities assumed as part of its acquisition of Titan Europe Plc in the fourth quarter of 2012. Titan intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes, which may include financing potential future acquisitions and repayment of other existing obligations. Full Article
Titan International Inc Prices and Increases Size of Senior Secured Notes Offering
Titan International Inc announced that it priced its previously announced offering of its 7.875% Senior Secured Notes due 2017 (the Notes). The Notes are being offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S. The size of the offering was increased from the previously announced $275,000,000 aggregate principal amount to $325,000,000 aggregate principal amount. The issue price is 106.250% of the principal amount of the Notes. The Notes will be issued under the indenture dated October 1, 2010, pursuant to which the Company issued $200,000,000 aggregate principal amount of its 7.875% Senior Secured Notes due 2017 (the Existing Notes). The Notes will form a single series with the Existing Notes and will vote as one class under the indenture. Titan intends to use the net proceeds from the offering to repay a portion of the existing indebtedness of certain of its indirect subsidiaries under the European credit facilities assumed as part of its acquisition of Titan Europe Plc in the fourth quarter of 2012. Titan intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes, which may include financing potential future acquisitions and repayment of other existing obligations. Full Article
Titan International Inc Announces First Quarter Cash Dividend
Titan International Inc announced that it has approved a quarterly cash dividend of $.005 per common share for the first quarter of 2013. The cash dividend is payable on April 15, 2013, to stockholders of record on March 29, 2013. Full Article
Titan International Inc Announces Proposed Offering of Senior Secured Notes
Titan International Inc announced that its intention to offer through a private placement, subject to market and other conditions, $275 million aggregate principal amount of its 7.875% Senior Secured Notes due 2017 (the Notes). The Notes are being offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S. The Notes will be issued under the indenture dated October 1, 2010, pursuant to which the Company issued $200 million aggregate principal amount of its 7.875% Senior Secured Notes due 2017 (the Existing Notes). The Notes will form a single series with the Existing Notes and will vote as one class under the indenture. However, until such time as the Notes become freely transferable under the Securities Act of 1933, as amended, the Notes will have a restricted CUSIP and will not trade together with the Existing Notes. Titan intends to use the net proceeds from the offering to repay a portion of the existing indebtedness of certain of its indirect subsidiaries under the European credit facilities assumed as part of its acquisition of Titan Europe Plc in the fourth quarter of 2012. Titan intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes, which may include financing potential future acquisitions and repayment of other existing obligations. Full Article
Wheels India Ltd Announces Open Offer From Titan Europe Plc And Titan International, Inc
Wheels India Ltd announced that ICICI Securities Ltd (Manager to the Offer), for and on behalf of Titan Europe Plc (Acquirer) and Titan International, Inc. as the Person Acting in Concert (PAC) has informed this Public Announcement (PA) regarding Open Offer to acquire 1,419,405 fully paid-up equity shares of face value of INR10 each from the public shareholders of Wheels India Ltd (Target Company) (Equity Shares) constituting 14.38% of the fully diluted voting equity share capital of the Target Company as of the 10th working day from the closure of the tendering period (Offer Size). The Offer Price of INR725.38 payable per fully paid up Equity Share. Since this Open Offer is being made as a result of indirect acquisition of shares / control of the Target Company, the Offer Price shall be revised in terms of Regulation 8(12) of the SEBI (SAST) Regulations and such revised price shall be included in the Detailed Public Statement. Full Article
Titan International Inc Announces Fourth Quarter Cash Dividend
Titan International Inc announced that quarterly cash dividend of $.005 (one half cent) per common share for the fourth quarter of 2012. The cash dividend is payable January 15, 2013, to stockholders of record on December 31, 2012. Full Article
Titan International Inc Issues FY 2012 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
Titan International Inc announced that for fiscal 2012, it expects EBITDA to be between $225 million to $300 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $264 million for fiscal 2012. Full Article
Titan International, Inc. To Acquire Entire Share Capital Of Titan Europe Plc
Titan Europe Plc announced that the Board of Titan Europe announced on July 17, 2012 that it was in talks with Titan International, Inc. (Titan International), which may or may not lead to an offer being made for the whole of the issued and to be issued share capital of Titan Europe plc (Titan Europe) (other than those shares already owned by Titan Luxembourg S.a.r.l., a wholly owned subsidiary of Titan International). On July 26, 2012 Titan International announced that it was in discussions with the Independent Directors of Titan Europe which might lead to an all-share offer being made for Titan Europe on the terms that Titan Europe Shareholders would be entitled to receive one New Titan International Share for every 11 Titan Europe Shares. On 10 August 2012, the Board of Titan International (other than Michael Akers who because of his position as Chief Executive director of Titan Europe has taken no part in any of the deliberations relating to the Offer) and the Independent Directors of Titan Europe announced that they had reached agreement on the terms of a recommended share offer for the entire issued and to be issued share capital of Titan Europe (other than those shares already owned by Titan Luxembourg S.a.r.l., a wholly owned subsidiary of Titan International) (the Offer) (the 2.7 Announcement). Full Article
"Keep your so-called workers," U.S. boss tells France
PARIS - The CEO of a U.S. tire company has delivered a crushing summary of how some outsiders view France's work ethic in a letter saying he would have to be stupid to take over a factory whose staff only put in three hours work a day.
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