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By 1990, Florida Tile was sold to Premark International Inc. for $201 million. In 1999, Illinois Tool Works bought Premark with a stock purchase. ITW later identified Florida Tile as a non-core business and hired CS First Boston to sell the company in March 2002. The auction was unsuccessful as Florida Tile was underperforming at the time. [2]
ELT offers a potential staff reduction in areas associated with filing, retrieval and mailing of certificates and a reduction of storage space needed for filing and storing paper certificates of title. There is increased ease of processing for dealer transactions. It may offer a reduction in title-related fraud. [1]
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The record title system differs significantly from land registration systems, such as the Torrens system, that have been adopted in a few states. The principal difference is that the recording system does not determine who owns the title or interest involved, which is ultimately established through litigation in the courts.