Tag: Titan International
‘Supporting the food industry’ – Titan International’s tyre plants stay open
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.”
Protyre becomes latest Goodyear agri range distributor
Micheldever group company Protyre is once again distributing Goodyear agricultural tyres within the UK market. It will supply the Goodyear Farm Tires range from its 20 agricultural centres across the country; it already reports high levels of customer interest from Protyre outlets in areas such as Cumbria, Pembrokeshire, Derbyshire, Bristol and Essex.
Blackrock increases Titan International shareholding
According to a statement filed with the Securities and Exchanges Commission in the USA, investment management firm BlackRock Inc. has increased its shareholding in Titan International from 12.94 per cent to 14.0 per cent. The Schedule 13G form states that BlackRock now owns 8,428,280 shares in Titan International, an increase of 8.16 per cent over the shareholding it previously reported.
Titan International takes first step to Industry 4.0 capabilities with Oracle Cloud Applications
Titan International, Inc. has started moving its core business and manufacturing processes to Oracle Cloud Applications. With Oracle Cloud Applications for finance, supply chain and manufacturing, the tyre maker will be able to take advantage of an integrated suite of applications to break down silos, quickly and easily embrace the latest advancements in machine learning and Internet of Things technology, and improve user engagement, collaboration and performance.
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.
Nex Tires to distribute Goodyear Farm Tires in Spain
Nex Tires has been named official distributor for the newly-returned Goodyear Farm Tires brand in the Spanish market. The agricultural tyre supplier will stock the full Goodyear agri radial range.
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.
Growing agri range: Goodyear tyres back on British soil
Grandad fitted Goodyear, your father fitted Goodyear, and now you can too, again: After being largely absent for five years, this year the Goodyear name returned to UK and European agricultural markets.
Titan International appoints former Deere man Guinn to BoD
Max Guinn has joined the Board of Directors at Titan International, Inc. His appointment took effect 12 June 2019. Guinn was also appointed to serve as a member of the Board’s Audit Committee and as chairman of its Corporate Governance Committee.
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.
Titan International to repurchase up to $25 million in shares
The Board of Directors at Titan International, Inc. has authorised a share repurchase programme that allows up to US$25 million to be spent buying back the company’s common stock. A committee of directors – Maurice M. Taylor Jr., Paul G. Reitz and Mark H. Rachesky – has been appointed to supervise the repurchase programme.
Italtractor ITM for sale? Titan International is considering its options
After placing its Italtractor ITM S.p.A. (ITM) steel track and undercarriage business on the market some two and a half years ago and receiving seven formal bids from potential buyers, Titan International, Inc. then withdrew ITM from sale in response to the operation’s improving revenue and EBITDA. Now it seems the possibility of divesting ITM is once again under consideration.
Titan International closes RDIF put option transaction
On 22 February, Titan International Inc. closed the previously-announced transaction with an affiliate of the Russian Direct Investment Fund (RDIF), one of the three shareholders of Voltyre-Prom. Under the terms of a definitive agreement entered into on 11 February, Titan paid RDIF US$25 million in cash and agreed, subject to the completion of regulatory approval, to issue RDIF 4,032,259 shares of restricted Titan common stock in a private placement. The agreement stipulates that RDIF must hold these shares for a period of three years from the date of the agreement.
Titan receives additional settlement put option notice
Titan International, Inc. has received an additional settlement put option notice From OEP 11 COÖPERATIEF U.A. (OEP), an affiliate of One Equity Partners, one of the three shareholders of Voltyre-Prom, of its exercise, effective 8 January 2019, of the settlement put option with respect to its holdings in Voltyre-Prom, pursuant to the Voltyre-Prom Shareholders' Agreement.
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.