ITALTRACTOR ITM acquired by USCO

USCO signed a binding agreement on 21 September 2026 to acquire 100% of Italtractor ITM, the Modena-based maker of undercarriage components and systems for earthmoving machinery, from the NYSE-listed Titan International, at an enterprise value of payable in cash. Titan sold the shares held through its subsidiaries Titan ITM Holding and Titan Europe, together with a small direct stake in the Indian subsidiary. On top of the initial price, the agreement provided for an earn-out of up to 6 million dollars tied to ITM's 2026 results and an estimated 23 million dollars of adjustments to its net asset and financial position at closing. Counting the dividends already received and those due before completion, Titan valued its total cash proceeds at about 285 million dollars. Intesa Sanpaolo signed a debt commitment letter to finance the purchase, open to a later bank syndication, and completion was expected in January 2027, subject to antitrust and foreign direct investment approvals. The deal brought together two Modena-based specialists in undercarriage components and created a group with revenue of about 1.4 billion euros on 2025 figures, more than 4,000 employees and 25 production sites worldwide, against around 1 billion euros, 16 plants and some 2,600 employees for USCO before the transaction. Italtractor ITM contributed operating companies and plants in Germany, the United States, Brazil, Spain and China, alongside industrial activities in Australia and India. Maria Cecilia La Manna, who had run the business since 2005, was confirmed as chief executive of ITM Group. Simmons & Simmons advised USCO on legal matters, with Eidos Partners as financial adviser, BDO on legal and tax due diligence and KPMG on financial due diligence. Titan International and ITM were advised by Gianni & Origoni on legal and competition matters and by Poggi & Associati on tax.