Updated from 11:34 a.m. EST
Shares of Titan International(TWI Quote) were among the NYSE's winners Monday, rising 7.1% after company said its Titan Tire subsidiary agreed to buy Goodyear Tire and Rubber's(GT Quote) North American farm tire business for about $100 million.
Titan said the acquisition is expected to add about $210 million to its overall sales. In connection with the acquisition, which is contingent upon government, regulatory and union approvals, Titan will receive Goodyear's manufacturing plant, property and equipment in Freeport, Ill., and inventories. Goodyear said the divestiture of the business "allows Goodyear to sell a noncore asset in a business that has been challenging to our earnings, yet allows continued access to the same high-quality Goodyear-branded tires from a company that considers the farm business as core." Shares of Titan International traded up 96 cents to $14.49.
Montpelier Re Holdings(MRH Quote) rose 2.7% after the reinsurance company declared a special dividend and raised its quarterly dividend by 5.9%. The special dividend of $5.50, which is payable March 31 to shareholders of record on March 15, is valued at about $390 million. The company also raised its quarterly dividend to 36 cents, up from 34 cents. Shares traded up $1.08 to $40.50. ...
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