Titan International Inc (NYSE: TWI) said on Monday that it had finalized the buyback of 8.0 million shares of common stock from MHR Fund Management in an all-cash deal valued at $57.6 million (or $7.20 per share).

The transaction was approved by the Board of Directors, with no impact on the preexisting share buyback authorization, the company said.

“Titan’s balance sheet is in a healthy position prior to this transaction with approximately $225 million in cash and a current net debt to EBITDA ratio of 1.9 times using trailing twelve months financial results. Our Board of Directors and management team believe that the long-term prospects for Titan are strong, making this a sound investment of capital,” Paul Reitz, President and Chief Executive Officer, said in a press release.

Stock Performance

The shares of Titan International Inc (TWI) closed 2.73% ($0.19) higher at $7.16 in New York on Monday, as they reversed a loss from the previous market session.

The company’s total market cap now stands at $516.658 million.

The shares of Titan International Inc (TWI) went down 2.87% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have retreated 51.88% so far this year.

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