Titan International Inc. reports that it has repurchased 8.0 million shares from MHR Fund Management. Titan bough back the stock for a total of $57.6 million ($7.20 per share) in cash. MHR Fund Management is led by Mark Rachesky, who has been a member of Titan International Inc’s board of directors since 2014.
Titan International and the recently acquired Carlstar Group have introduced Variable Pressure Operation (VPO) Technology, a flat-proof technology that, according to Titan, offers a versatile solution as an alternative to tweel wheels and other airless polyurethane spoke wheel options, by providing the ability to effectively operate machinery at various inflation pressures – even down to zero psi. The tyre maker is presenting VPO for the first time at Equip Exposition, which is taking place in Louisville, USA between 15 and 18 October.
Titan International, Inc. has reported its financial data for the second quarter of 2024, results that reflect both the challenges and opportunities faced by the company in a dynamic market environment. Net sales for the three months ended 30 June 2024, reached US$532.2 million, marking an increase from $481.2 million in the corresponding period of last year. This growth was primarily driven by higher volumes in the consumer segment, significantly bolstered by the Carlstar acquisition, which completed on 29 February 2024.
Completion of a major upgrade to its Des Moines facility in the USA gives Titan International greater plant capacity. The company invested US$2 million in the expansion project, which includes the addition of two new 104-inch curing tyre presses that will accommodate the recently expanded AgraEDGE tyre line.
Titan International, Inc. (TWI) has bought Carlstar Group LLC. for approximately $296 million in a cash and stock transaction, which closed on 29 February 2024. The transaction price represents a multiple of approximately 4x Carlstar’s full-year 2023 pre-tax profits (adjusted EBITDA) of $73 million. Carlstar reported revenues of around $615 million in 2023.
The decline in net sales and income that Titan International, Inc. experienced in the first quarter of the year has continued in the second, with all operating segments reporting year-on-year decreases. Company president and chief executive officer Paul Reitz is nonetheless “very pleased” with these Q2 2023 results.
Ernst & Young LLP (EY US) has named Titan International’s Paul Reitz a winner of its Entrepreneur Of The Year 2023 Midwest Award. The chief executive officer considers this not only an honour on a personal level, but also “testament to the fact” that the tyre maker has “an exceptional team in place.”
Titan International, Inc. has reported record turnover and profitability during the 2022 financial year. While the US-based manufacturer of OTR tyres and wheels increased its net sales by 21.9% to US$2.2 billion, income from operations jumped by more than 141% to $205.8, almost doubling the return on sales to 9.5%.
In its most recent quarterly report, US-based off-highway tyre manufacturer Titan International, Inc. reports owning 64.3% of Russian tyre maker Voltyre-Prom, with the Russian Direct Investment Fund the remaining shareholder. Yet this connection with Russia hasn’t stopped Titan raising its voice against indirect imports of Russian petroleum products into the USA. Together with the United Steelworkers union, Titan has even sent a letter to Joe Biden.
Off-highway segment specialist Titan International, Inc. has appointed Alpha IR Group its new investor relations advisor. In this capacity, Alpha IR will support Titan and its investor relations activities as well as broaden awareness of Titan within the financial community.
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, Titan expects Q3 2022 revenue of approximately US$540 million.
Taking stock of recent business at Titan International, Inc. (Titan or TWI), chairman of the board Morry Taylor opined that the company’s future is “the best it’s ever been.” He credits this happy situation to a number of global trends.
Although Russian tyre maker Voltyre-Prom recently spoke of potential opportunities arising from the war in Ukraine and related international implications, majority shareholder Titan International confirms it will not be investing in this business any time soon. Details of Titan’s relationship with the Russian operation were set out in the US-based firm’s 10-Q financial report for Q1 2022 and further commented on during a teleconference held on 3 May.
While other tyre makers are distancing themselves from Russia and moving production capacities elsewhere at present, Titan International Inc.’s subsidiary in Volzhsky, Volgograd Oblast has announced plans to increase its production volumes. Voltyre-Prom, which is majority owned and managed by the Illinois, USA-based off-highway tyre specialist, states that the current situation “opens up new opportunities” for it to increase production volumes and sales.
Titan International, Inc. has entered into a definitive agreement to sell its Australian wheel business to OTR Tyres, a Western Australia-based tyre, wheel and service provider. It anticipates closing the deal on 31 March 2022.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.