The decline in net sales and income that Titan International, Inc. experienced in the first quarter of the year has continued in the second, with all operating segments reporting year-on-year decreases. Company president and chief executive officer Paul Reitz is nonetheless “very pleased” with these Q2 2023 results.
Ernst & Young LLP (EY US) has named Titan International’s Paul Reitz a winner of its Entrepreneur Of The Year 2023 Midwest Award. The chief executive officer considers this not only an honour on a personal level, but also “testament to the fact” that the tyre maker has “an exceptional team in place.”
In its most recent quarterly report, US-based off-highway tyre manufacturer Titan International, Inc. reports owning 64.3% of Russian tyre maker Voltyre-Prom, with the Russian Direct Investment Fund the remaining shareholder. Yet this connection with Russia hasn’t stopped Titan raising its voice against indirect imports of Russian petroleum products into the USA. Together with the United Steelworkers union, Titan has even sent a letter to Joe Biden.
Off-highway segment specialist Titan International, Inc. has appointed Alpha IR Group its new investor relations advisor. In this capacity, Alpha IR will support Titan and its investor relations activities as well as broaden awareness of Titan within the financial community.
Although Russian tyre maker Voltyre-Prom recently spoke of potential opportunities arising from the war in Ukraine and related international implications, majority shareholder Titan International confirms it will not be investing in this business any time soon. Details of Titan’s relationship with the Russian operation were set out in the US-based firm’s 10-Q financial report for Q1 2022 and further commented on during a teleconference held on 3 May.
Titan International, Inc. has entered into a definitive agreement to sell its Australian wheel business to OTR Tyres, a Western Australia-based tyre, wheel and service provider. It anticipates closing the deal on 31 March 2022.
Titan International, Inc. has entered into a three-year agreement to supply various CNH Industrial production sites with agricultural tyres and wheels manufactured at its plants in Europe and the Americas. This supply contract to the manufacturer of the Case IH, New Holland and Steyr agricultural machinery brands is valued at approximately US$400 million, assuming current exchange rates and raw material pricing levels.
Titan International, Inc. has entered into an exclusivity agreement with Kubota Tractor Corporation and Kubota Canada Limited, the Japanese agricultural machinery company’s businesses in North America. The agreement will see Titan Trac Loader II tyres fitted in selected sizes on Kubota products. These tyres will be branded with both the Titan and Kubota names on the sidewall.
Titan International reports achieving in Q3 2021 its strongest third-quarter results since 2013. Net sales for the three months to 30 September were up 47.8 per cent year-on-year, to US$450.4 million, and the gross margin rose more than three percentage points, to 13.4 per cent on the back of gross profit amounting to $60.3 million.
Titan International, Inc., manufacturer of the Goodyear Farm Tires range, has become a member of the broad-market Russell 3000 Index, effective after the US market opened on 28 June. Global index provider FTSE Russell added Titan as part of the 2021 Russell indexes reconstitution.
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.
In order to prevent damage from ‘friendly fire’, Titan International Inc. has issued a statement distancing itself from the spat between US President Donald Trump and the Goodyear Tire & Rubber Company. Titan wants to make it clear that there is absolutely no link between it and the alleged Goodyear diversity training document that’s circulating on the internet.
Titan International, Inc., manufacturer of the Titan tyre brands as well as the Goodyear agricultural tyre lines sold in the UK, Europe and North America, says its plants are operating as normal during the COVID-19 crisis. The company describes its decision to maintain production as a “commitment to keeping its US manufacturing facilities operating as normal in order to support the food and agriculture industry.”
Titan International, Inc. has reduced its shareholding in steel wheel manufacturer Wheels India Limited. It sold, via a wholly-owned subsidiary, a 10.4 per cent stake in Wheels India on 3 October, thereby dropping its share in the company from 34.2 to 23.8 per cent. Titan International intends to use the net proceeds of approximately US$19 million received from the transaction to pay down outstanding indebtedness.
Concerns about the affect of global trade concerns and Brexit upon Europe’s financial markets have led Titan International to postpone a potential listing of its Italtractor ITM S.p.A. (ITM) business. According to company chairman Maurice Taylor, these factors have impacted the company’s ability to suitably evaluate its strategic alternatives with respect to ITM.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.