Titan International to Sell ITM Undercarriage Business in $285 Million Deal
Titan International (NYSE: TWI) has signed a definitive agreement to sell its Italtractor ITM undercarriage business for up to $285 million. The buyer is USCO, an Italian company specializing in heavy-duty components and systems for construction equipment. Titan said the sale will allow it to sharpen its strategic focus on core wheel and tire products. The transaction includes a base purchase price of $190 million with potential additional payments tied to performance milestones over five years. The deal is expected to close by mid-2025, pending regulatory approvals and other customary closing conditions. Titan's stock rose 5.8% in Monday trading following the announcement. The sale reflects a broader trend among industrial companies divesting non-core assets to streamline operations and improve financial performance.
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Topics: Corporate Strategy M&A