What a difference a month makes. Titan International shares are trading 49 per cent higher now than they were before Christmas. The difference? The news that competitor Trelleborg is in talks with “external parties” relating to the sale of its Trelleborg Wheel Systems (TWS) industrial/OTR tyre business and subsequent market comments publish by Titan chairman Morry Taylor.
Following our coverage of Yokohama’s offer for Trelleborg Wheel Systems, the tyre and wheel manufacturer’s Swedish parent company Trelleborg AB has confirmed that “external parties have shown interest to acquire Trelleborg’s business area Trelleborg Wheel Systems”. At the same time, Titan International offered its view on third-party interest in Trelleborg Wheel Systems.
On 14 December, Tyrepress.com shared information from sources who anticipate a Yokohama Rubber bid to acquire Trelleborg Wheel Systems. While the parties involved have neither confirmed nor denied such a transaction, the chairman of Titan International Inc. (TWI) has commented on a deal he apparently views as problematic.
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.
Goodyear Farm Tires has released a new tyre for compact tractors, a product it says will be “suitable for any job on the farm.” With the UK and European launch of the R14, Goodyear Farm Tires offers a hybrid of agricultural, turf and industrial tread patterns and both radial and cross-ply constructions. The R14 range covers a total of 17 different sizes.
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.
Goodyear Farm Tires’ European growth has continued in the first full year of trading since the brand’s return to Europe. Manufactured by Titan International, which purchased the European licence for the brand in Europe in 2015, the agricultural tyre supplier has outlined plans to continue its European expansion next year. Agricultural tyres have remained more resilient than almost any other tyre segment despite the pandemic. The Goodyear Farm Tires portfolio was boosted by eight additional tread patterns and 65 new tyre sizes, helping to support its volume growth, and Titan will add a new versatile tyre described as an agriculture, turf and industrial hybrid in 2021.
Titan International has begun the search for a new chief accounting officer after incumbent Amy Evans informed the company on Monday of her intention to leave, effective 4 December. Evans will remain chief accounting officer and a vice president of Titan International until this date. David Martin, the company’s chief financial officer, will then fulfil the remit of chief accounting officer until a successor is appointed.
Titan International is currently in the midst of its planning process for 2021, and Paul Reitz says the company has “plenty of reasons to be optimistic.” He opines that Titan has navigated the challenges brought by the corona pandemic well and is thus positioning itself for a “stronger 2021”. The president and chief executive officer’s comments came as Titan International reported its financial results for the third quarter of 2020, a period in which it managed to reduce its net loss by more than a third compared with Q3 2019.
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.
The biggest tractor in the world, the 1,100hp Big Bud 16V-747 has taken advantage of Goodyear Farm Tires’ low sidewall (LSW) technology, after it was given its first tyre change since 1977. The Titan International agricultural tyre brand supplied Big Bud with 1400/30R46 tyres, fitting eight new rims and tyres. The giant tractor is housed at the Heartland Museum in Clarion, Iowa, its home for the last seven years.
Goodyear Farm Tires has recruited a new distributor. South West Tyre Services, based in Somerset, has added Goodyear brand agricultural products to its portfolio. The brand, manufactured by Titan International, has been building a network of distributors across the UK and Europe since returning to the market last year. Titan told Tyres & Accessories that the deal with South West Tyre Services strengthens its position in the UK agricultural market. The distributor’s range includes tyres for cars, commercial vehicles, agricultural and plant machinery.
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.”
Trelleborg
Titan International
Goodyear Farm Tires
Goodyear Farm Tires