Tag: Paul Reitz
Titan International sells Wheels India share
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.
Titan International postpones ITM listing
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.
Titan International looking at potential ITM listing
In February, Titan International disclosed it was “evaluating its strategic alternatives” regarding its Italtractor ITM S.p.A. (ITM) steel track and undercarriage business. It engaged Shore Capital as its financial advisor in carrying out this evaluation. Paul Reitz, the company’s president and chief executive officer, reports that Titan is making “positive progress” with respect to one potential alternative, a public listing within Europe.
Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
The Russian Direct Investment Fund (RDIF) has informed Titan International of its wish to relinquish its shareholding in agricultural and industrial tyre manufacturer Voltyre-Prom. The Kremlin-backed sovereign wealth fund, which acquired the tyre maker together with Titan and private equity firm One Equity Partner in 2013, shared its intention via its exercise on 14 November of the settlement put option included within the Voltyre-Prom Shareholders’ Agreement.
Titan International net sales up 18% in Q2 2018
Titan International, Inc. has reported net sales of US$428.9 million for the second quarter of 2018, a 17.7 per cent improvement on last year’s result. Net income applicable to common shareholders for the quarter was $1.0 million, as compared to a loss of $10.3 million in the second quarter of 2017.
Titan International not renewing CFO Froisland’s contract
James M. Froisland will leave Titan International later this year. The company announced yesterday that the chief financial officer and chief information officer has been informed his employment agreement won’t be renewed once the initial term expires on 5 December 2018.
Titan International reaffirms 2018 business outlook
In addition to appointing Paul Reitz its eighth member, the Board of Directors at Titan International has also approved the company's 2018 strategic and operational plan. Reitz commented that after “working hard to manage our way through three years of a cyclical downturn and then post three consecutive quarters of revenue growth this year,” it was “great to be able to present to our board a 2018 plan that continues to reflect growth across all of our business units.”
Paul Reitz joins Titan International board
At a meeting on 5 December, the Board of Directors at Titan International, Inc. agreed to increase in size from seven to eight directors in accordance with company by-laws, and appointed Paul G. Reitz its eighth member. Titan International states that the company president and chief executive officer was appointed to the board “due in large part to his vision and leadership along with his background and knowledge of the business.”
Working through the downturn: Titan International increases net sales, reports $6.5 million loss
The year-on-year gain in net sales seen at Titan International in the opening quarter of this year has continued in the second. For the three months to 30 June 2017, the manufacturer of off-highway tyres, wheels, assemblies and undercarriage products reports net sales of US$364.4 million, an increase of 10.4 per cent on the second quarter of 2016. Net sales for the first half of the year amount to $721.9 million, up 10.7 per cent from a year earlier.
Titan International increases sales, reduces net loss in Q1 2017
After 18 quarters of year-on-year declines in a row, Titan International has reported a rise in net sales during the first quarter of 2017. During the three months to 31 March, net sales increased 11.1 per cent to US$357.5 million. A loss was still recorded in the bottom line, however the $10.5 million net loss applicable to common shareholders for the first quarter of 2017 was a 41.4 per cent improvement compared with the first quarter of 2016.
Titan thanks US government for ‘diligence’ in reviewing tyre subsidies
Titan International has commented on the final results of the US Department of Commerce’s (DOC) review of imported OTR tyres from China in 2014 and 2015, which show the Chinese government increased the level of subsidies it gave tyre makers, enabling their products to continue selling in the US market at what the tyre maker calls a less than fair value.
Titan International announces conversion of 5.625% convertible notes
Titan International has announced the conversion of 97.1 per cent of the principal balance of its 5.625 per cent convertible senior subordinated notes (Notes), which matured on 15 January 2017. Prior to maturity, US$60,161,000 in aggregate principal amount of the Notes was outstanding, of which, holders of $58,460,000 in aggregate principal amount of the Notes, or 97.1 per cent, converted their notes into shares of Titan common stock pursuant to the terms of the indenture governing the Notes.
Looking forward to level playing field – Titan International testifies in duty hearing
Titan International’s final injury hearing before the US International Trade Commission (ITC) took place on 4 January, and today the company will file a post hearing brief. The off-road tyre specialist says it “remains optimistic” that the ITC will issue a final affirmative determination in these cases.
Titan International cutting wheel production at its Saltville plant
In response to weakness in the mining market, key North American wheel production is to be relocated from Titan International’s manufacturing facility in Saltville, Virginia to its wheel division headquarters in Quincy, Illinois. The company reports this measure is being taken in order to “take advantage of production capacities.”
Titan International’s Maurice Taylor stepping down as CEO; Paul Reitz named his successor
Paul Reitz has been promoted to chief executive officer of Titan International, Inc. The company president will assume this additional role on 1 January 2017.