QUINCY, Ill., March 25, 2019 — Titan International, manufacturer of off-highway wheels, tires, assemblies and undercarriage products for agriculture and other industries, says that its Board of Directors has authorized a share repurchase program allowing for the expenditure of up to $25 million for the repurchase of the company's common stock. 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 share repurchase program will be effective as of the end of the third business day after the company releases its first quarter 2019 financial results. The repurchase program does not obligate the company to acquire any particular amount of common stock or to acquire shares on any particular timetable. The program may be suspended or terminated at any time at the Company's discretion.