TTI Managers Make Stock Offer
December 15, 1999
An investor group led by senior members of management of Transportation Technologies Industries, Inc. has made a proposal to acquire all of the outstanding shares of common stock in the company.
The price of $20 per share is a 29% premium over the closing market price of TTI's common stock on December 13.
The group's proposal must be approved by the company's board of directors and is subject to successful funding.
TTI owns a number of truck component lines, including Gunite wheel-end components; Brillion custom iron castings; Imperial body and chassis components; Bostrom truck and bus seating systems; and Fabco steerable drive axles and gearboxes. It is headquartered in Chicago and has manufacturing operations in Alabama, California, Illinois, Indiana, Pennsylvania, Tennessee, Texas, Virginia, Washington and Wisconsin.