Titan Trades Land in Brownsville Suit Deal
(Akron/Tire Review) Tire and wheel maker Titan International Inc has settled a dispute with the City of Brownsville, Texas, home of its now closed tyre plant, agreeing to give the city 73.5 acres of land. The agreement ends a two-year lawsuit filed by Brownsville in the wake of Titan’s sudden closing of the plant in 2003.
The Greater Brownsville Incentives Corp will recover the 73.5 acres of land from Titan, the value of which will nearly cover the cost of the incentives and land given to Titan as an inducement to build the plant. According to reports, the GBIC paid $1 million for the land it gave to Titan.
Titan cited financial losses and Asian competition as reasons for the closure. At the time, according to reports, Titan said the plant would reopen in three to four months. It remains closed, and no plans to reopen the facility have been announced.