Titan International sells Brownsville, Texas manufacturing plant
Titan International has completed the sale of its tyre manufacturing plant in Brownsville, Texas facility to an affiliate of commercial real estate firm Phoenix Investors. The one million square feet plant was built in 1997 on 108 acres, and Titan ended tyre production in 2003. It has since leased the site to multiple tenants.
“We have highlighted the sale of non-core assets as an important initiative throughout 2020 and the sale of this facility was certainly a part of that process,” stated Paul Reitz, president and chief executive officer. He said the sale was the largest part of the $16-20 million the company has raised from non-core asset sales in the fourth quarter of 2020. The sales were to strengthen the company’s balance sheet as it repositions itself for growth. Reitz said “we continue to see higher demand levels for our products heading into 2021.”