Gunite, Bostrom parent sold to management group
CHICAGO (Feb. 2, 2000) — Transportation Technologies Industries Inc., whose subsidiaries include wheel-end component maker Gunite and seating systems producer Bostrom, has been sold to a group of senior managers led by chairman Thomas M. Begel.
The purchase agreement, for $21.50 per share in cash all of the outstanding shares of Transportation Technologies’ common stock, was unanimously approved by the company’s board of directors, according to a statement.
The price represents a premium of approximately 38.7% over the closing market price of Transportation Technologies’ common stock on Dec. 13, 1999, the last trading day before the company announced that it had received a proposal from the investor group. The original proposal was at $20 per share.
The company’s original equipment and 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. It has factories in Alabama, California, Illinois, Indiana, Pennsylvania, Tennessee, Texas, Virginia, Washington, and Wisconsin.
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