American Tire Corporation Refused an Offer for Acquisition
ATC received a letter of intent, which was sent by a broker in East USA last week, from a multi-billion U.S. company for acquiring ATC. This letter of intent clearly expresses the investor's strong interest in ATC and its OTR tire business, in addition to its new project in Washington. Also, a big offer for entire acquisition of ATC is included.
Although this offer makes sense for both the investor and ATC from the point of view of investment, it is finally refused because it is conflict with ATC's current strategy of development.
"It is important to make money as the return of an investment," Dr. Hengyucius, ATC President, said, "but more important for us is that we are able to enjoy the success when we directly contribute to not only the U.S. economy, but also the global community, by producing sufficient quality OTR tires for mining and construction industries worldwide. It is our pleasure to have the opportunity to work for our global village."
Dr. Hengyucius added, "We welcome outside investments all the time, but such investments shall be kept in a reasonable percentage. It is not the best choice for us to sell our business."
Aiming to become the largest and best manufacturer for 63" and 57" tires, American Tire Corporation is a well-established and rapidly-growing OTR tire manufacturer which has created a few FIRST in the OTR tire industry. It has just finalized its plans for it Washington manufacturing facility. For more information, please visit ATC's website http://www.americantire.us.
American Tire Corporation Refused an Offer for Acquisition
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