Tag: Titan
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.
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.
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.
Fire at Titan tyre reclamation plant in Canada
At midnight on 21 September 2017, a fire broke out at the Titan Tire Reclamation Corporation (TTRC) facility in Fort McMurray, Alberta. Titan International, Inc. reports that no staff members or others were injured.
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 3Q figures show lower sales, but also reduced losses
Titan published third quarter 2016 financial shows sales for the third quarter of 2016 were $306.2 million, down 0.9 per cent, compared to $308.8 million in the third quarter of 2015. Gross profit for the third quarter of 2016 was $33.0 million, or 10.8 per cent of net sales, compared to $26.2 million, or 8.5 per cent of net sales, for the third quarter of 2015.
Titan launches 46-inch Goodyear-brand agricultural tyre
Titan has launched the Goodyear Optitrac LSW1400/30R46 agricultural tyre as part of the Goodyear range of “extreme floatation” tyres. Intended as an alternative to tracks or conventional dual configurations on large four-wheel drive tractors, the tyre offers “the best combination of floatation, traction and ride quality,” according to Titan.
USW comments on India OTR tyre determination
The United Steelworkers (USW) union has expressed its disappointment in the US Department of Commerce’s preliminary determination regarding the introduction of anti-dumping duties for OTR tyres imported from India. USW international president Leo W. Gerard notes that the Department of Commerce announced a negative preliminary determination for anti-dumping duties in response to the petition filed by the USW and Titan International earlier this year.