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Titan International and Carlisle Companies Announce Expiration of Letter Of Intent

20 September 1999

Titan International and Carlisle Companies Announce Expiration of Letter Of Intent

    QUINCY, Ill., Sept. 20 -- Titan International, Inc.
and Carlisle Companies Incorporated have agreed not to
extend the letter of intent providing for the merger of Titan into Carlisle.
The letter of intent expired on September 18, 1999.  The initial announcement
of the letter of intent was made on August 4, 1999.
    Maurice M. Taylor Jr., Titan's president and chief executive officer,
stated, "Titan and Carlisle were unable to complete the actions necessary to
reach a definitive merger agreement within the 45 day time period provided for
in the letter of intent.  I anticipate that there will be continued
discussions."
    Titan International, Inc. is a leading manufacturer of wheel and tire
assemblies serving the agriculture, construction and consumer markets.  Titan
has manufacturing and distribution facilities throughout the United States,
Europe and South America.  Carlisle is a diversified manufacturer of products
serving construction materials, industrial components, automotive components
and general industry markets.