Italtractor ITM for sale? Titan International is considering its options
After placing its Italtractor ITM S.p.A. (ITM) steel track and undercarriage business on the market some two and a half years ago and receiving seven formal bids from potential buyers, Titan International, Inc. then withdrew ITM from sale in response to the operation’s improving revenue and EBITDA. Now it seems the possibility of divesting ITM is once again under consideration.
A US Securities and Exchange Commission ‘8-K’ report published yesterday indicates that Titan International is “evaluating its strategic alternatives” with respect to ITM. And that’s as much as it is prepared to say at this time – Titan states that it “does not currently intend to discuss or disclose any further developments regarding ITM during this process unless and until a transaction is agreed upon, possible discussions are discontinued or the Board of Directors otherwise determines that further disclosure is appropriate.”
ITM produces steel track and undercarriages for the construction, mining and agricultural markets. The Valsamoggia, Italy-based company operates three factories with the country, in Ceprano, Potenza and Fanano, and employs approximately 1,300 people worldwide.