Titan International in a “great position” despite impending recession, says Taylor

Although the USA is “heading fast toward recession” and inflation “continues to be a problem,” Titan International chairman Morry Taylor expects that some companies “will not be affected by the Big R in a big way.” Demand for large equipment continues to outstrip supply and Taylor anticipates farmers turning a profit. Against this backdrop, Taylor states that TWI is “running great” and is expecting Q3 2022 revenue of approximately US$540 million.

The TWI chairman believes 2023 will be “another great year” for the business, with the market continuing to grow (especially in large farming equipment) if the inventory of crops does not rise. “Since crops are most likely to fall below peak levels this year, 2023 should be another big year for TWI, and 2024 has strong possibilities as well,” says Taylor. He adds that the company’s net debt will approach S300 million by the end of the year, which will be a “tremendous improvement in terms of leverage.”

Summarising Titan International’s business, Taylor says this is a “great time to be producing wheels, tyres and undercarriage in the farm business,” and he considers the company to be in a “great position.”