Shares of Titan International, Inc. (TWI) are rising more than 3% Friday morning after the company announced share buyback of up to $50 million.
"The Company's performance over the last two years has now given our Board of Directors an opportunity to look at our strategic options for our cash," stated Paul Reitz, President and Chief Executive Officer.
The repurchase will remain in place for three years, Titan added.
Titan International makes wheels, tires, and undercarriage systems and components for off-highway vehicles.
TWI is at $13.66 currently. It has traded in the range of $7.03-$19.81 in the last 52 weeks.
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