Titan International has announced net sales for the fourth quarter of $113.4m, down from the previous fourth quarter of $134.4m. Net sales for the year 2000 were $543.1m, compared to $588m for the previous year. The fourth quarter (2000) loss recorded was $8m, as against $6m for the same quarter 1999. The full year results showed a net income of 4.5m against a loss of $11.4m in the previous year.
The 40-month long strike by United Steelworkers of America against the Titan Tire Corporation at its Des Moines plant has been settled, with union members approving a labour agreement effective up to the year 2006. Maurice Taylor Jr., president and CEO of Titan International, said the company will now focus on growth and returning to pre-strike profit levels.
Titan Tire has won a contract to supply in excess of 45 million US Dollars with of bolt together two-piece wheels to the United States Army. This is claimed to be the largest military contract Titan has ever won.
Titan International’s financial figures for the third quarter have been released. Turnover was $100.5 million, compared with $119.8 m for the same period last year. Titan recorded a net loss for the quarter of $9.5 m (Q3 2000: $7.4 m). The net loss for the year to date was $13.3 m, compared to a net profit for YTD last year of $12.5 m. President and CEO Maurice Taylor Jr. was optimistic that Titan would turn the corner next year, pointing to the end of the 40-month strike at the Des Moines plant and the gaining of a $45 million military contract as positive factors.
With the sale of assets Titan International (Quincy/Illinois), a manufacturer of speciality tyres and wheels, has exited the oe business with lawn and garden equipment as well as all terrain vehicles (ATVs) and improved its second quarter results due to the price paid by Carlisle Tire and Wheel Co. The new strategy of Titan will be to concentrate on agricultural and construction wheel business and tyre assemblies and to focus more on aftermarket demands.
Sales of tyre and wheel manufacturer Titan (Quincy/Illinois, USA) have dropped last year to US$ 588 million (1998: US$ 660,8 million). Striking and a bad condition of the American agriculture are assumed to be responsible for the figures showing an EBIT of US$ -11.4 million compared to US$ 8.4 million in 1998.
Titan Tire (Iowa/USA) has been found responsible and fined for safety violations connected with an explosion at the Titan plant, in which a trucker was killed on Nov. 24,1999.
Titan International (Quincy, Illinois), manufacturer of wheels and tyres for off-highway vehicles, has announced a cash dividend of $ 0.015 for the first quarter of 2000. In 1999 Titan’s sales declined and a net loss was recorded.
Titan International (Quincy, Illinois) has sold its OE business in lawn, garden and ATV wheels and tyres to the Carlisle Corporation for approximately $ 95 million.
Titan International (Quincy/Illinois) has announced a cash dividend of one and a half cents per common share for the second quarter of 2000.
Titan Technologies, Albuquerque/USA (not to be mistaken for Titan Tire) has announced progress in tyre recycling technology (process low-temperature pyrolysis). Besides good quality oil and scrap steel, significant quantities of carbon black for re-use in manufacturing tyres is generated.
