Management Buys Transportation Technologies
January 31, 2000
Transportation Technologies Industries has agreed to a management buyout led by chairman/CEO Thomas Begel and president/COO Andrew Weller.
Purchase price is $21.50 per share of common stock, approximately 39% over the closing market price of Transportation Technologies' common stock in December when it announced that it had received a proposal. The original offer was for $20 a share.
Transportation Technologies, based in Chicago, is a manufacturer of components for heavy duty and medium duty trucks and buses in the truck parts aftermarket. Product lines include 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.