Titan International, Inc. announced on October 21, 2024, the completion of a repurchase of 8.0 million shares of common stock from MHR Fund Management. The transaction was valued at $57.6 million, with shares repurchased at $7.20 per share, representing 11% of outstanding shares.
The repurchase was funded using a combination of availability on the company's revolving credit facility and existing cash. Titan's balance sheet was in a healthy position prior to this transaction, with approximately $225 million in cash and a net debt to EBITDA ratio of 1.9 times using trailing twelve months financial results.
Paul Reitz, Titan's President and Chief Executive Officer, stated that the Board of Directors and management team believe in the strong long-term prospects for Titan, making this a sound investment of capital. Maurice Taylor, Jr., Titan Chairman, highlighted the proven benefits of LSW super-single wheels and tires, including increased crop yields and fuel savings, which are driving farmer orders.
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