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.”
Micheldever group company Protyre is once again distributing Goodyear agricultural tyres within the UK market. It will supply the Goodyear Farm Tires range from its 20 agricultural centres across the country; it already reports high levels of customer interest from Protyre outlets in areas such as Cumbria, Pembrokeshire, Derbyshire, Bristol and Essex.
According to a statement filed with the Securities and Exchanges Commission in the USA, investment management firm BlackRock Inc. has increased its shareholding in Titan International from 12.94 per cent to 14.0 per cent. The Schedule 13G form states that BlackRock now owns 8,428,280 shares in Titan International, an increase of 8.16 per cent over the shareholding it previously reported.
Titan International, Inc. has started moving its core business and manufacturing processes to Oracle Cloud Applications. With Oracle Cloud Applications for finance, supply chain and manufacturing, the tyre maker will be able to take advantage of an integrated suite of applications to break down silos, quickly and easily embrace the latest advancements in machine learning and Internet of Things technology, and improve user engagement, collaboration and performance.
Titan International, Inc. has reduced its shareholding in steel wheel manufacturer Wheels India Limited. It sold, via a wholly-owned subsidiary, a 10.4 per cent stake in Wheels India on 3 October, thereby dropping its share in the company from 34.2 to 23.8 per cent. Titan International intends to use the net proceeds of approximately US$19 million received from the transaction to pay down outstanding indebtedness.
Nex Tires has been named official distributor for the newly-returned Goodyear Farm Tires brand in the Spanish market. The agricultural tyre supplier will stock the full Goodyear agri radial range.
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.
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.
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