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Thursday, January 23, 2014

Titan CEO ready to invest in French Goodyear site -minister, (NYSE: TWI)

French Industry Minister Arnaud Montebourg said Texan tyre tycoon Maurice Taylor is ready to invest in a new plant and hire 330 workers on the site of a Goodyear factory at the centre of a labour dispute. Titan International Chief Executive Taylor said previously that he wanted to purchase part of the plant in northern France, which has been earmarked for closure, provided unions agreed on a redundancy payoff deal.An accord was reached this week after workers who took two executives hostage at the idled factory ended an occupation of the site.Taylor is ready to invest 40 million euros ($55 million) in a new plant at the site over four years, Montebourg said on Europe 1 radio, citing a message from the Titan CEO."It said: 'I am ready to discuss it with everyone ... and offer to hire 330 workers'," Montebourg said, adding that he hoped those workers who had lost their jobs at Goodyear would be rehired at the new site.

Titan International, Inc. (Titan) through its subsidiaries, is engaged in the manufacturing of wheels and tires. Shares of TWI fell by 3.03% or $-0.58/share to $18.58. In the past year, the shares have traded as low as $14.14 and as high as $27.12. On average, 810754 shares of TWI exchange hands on a given day and today's volume is recorded at 496751.