Prices for Titan agricultural, industrial and construction tyres made and sold in North America will rise by around five per cent as of 1 September. Titan International says the exact amount prices will increase depends on product segment.
After 18 quarters of year-on-year declines in a row, Titan International has reported a rise in net sales during the first quarter of 2017. During the three months to 31 March, net sales increased 11.1 per cent to US$357.5 million. A loss was still recorded in the bottom line, however the $10.5 million net loss applicable to common shareholders for the first quarter of 2017 was a 41.4 per cent improvement compared with the first quarter of 2016.
Titan International has commented on the final results of the US Department of Commerce’s (DOC) review of imported OTR tyres from China in 2014 and 2015, which show the Chinese government increased the level of subsidies it gave tyre makers, enabling their products to continue selling in the US market at what the tyre maker calls a less than fair value.
Titan International reports that its board recently became a Full Board Member of the National Association of Corporate Directors (NACD), a non-profit membership organisation for corporate board members,
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.
In response to weakness in the mining market, key North American wheel production is to be relocated from Titan International’s manufacturing facility in Saltville, Virginia to its wheel division headquarters in Quincy, Illinois. The company reports this measure is being taken in order to “take advantage of production capacities.”
Paul Reitz has been promoted to chief executive officer of Titan International, Inc. The company president will assume this additional role on 1 January 2017.
The Board of Directors of Titan International, Inc. has approved the transition of James M. Froisland from his position as interim chief financial officer to that of chief financial officer, effective 5 December 2016. Froisland was appointed to the role on an interim basis in May 2016.
Titan International’s Low SideWall, or LSW tyres have been sold to the UK construction sector for the past year, however they are also gaining acceptance amongst agricultural users over in the USA and are prized by many for their reduced soil compaction characteristics, as well as the reduction in road lope and power hop they bring. The Titan LSW agricultural tyres are sold under the Goodyear brand name.
Titan International has launched a new e-commerce site for Titan and Goodyear brand ATV and UTV tyres in the US. The off-road tyre specialist reports that the TitanATV.com site allows visitors to select from more than 100 styles and sizes of tyres to suit any application.
Off-road tyre specialist Titan International has launched a specialty rubber products division. The division is based in the US state of Tennessee and offers a product range that includes stall mats for beef and dairy cattle, swine and horses.
The small village of Cookely, near Kidderminster, in the rolling Worcestershire countryside isn’t necessarily where you would expect to find a leading manufacturer, but this is exactly where leading OTR wheel supplier to the yellow goods market, Titan Steel Wheels, is based. The subsidiary of Titan International distributes its niche products mainly into Europe, meeting the specifications of end-users in the construction, industrial, mining and agricultural sectors with a wide variety of part numbers, largely comprising three- and five-piece wheels. Tyres & Accessories visited the facility, where Titan Europe managing director, wheels division, Chris Akers talked us through the history of the site, Titan’s current activities and future plans.
The Board of Directors of Titan International, Inc. has approved a quarterly cash dividend of US$.005 (one half cent) per common share for the second quarter of 2016. The cash dividend is payable Friday 15 July 2016 to stockholders of record on Thursday 30 June 2016.
Titan International, Inc has moved John Hrudicka from his current position as chief financial officer (CFO) to the operational side of the business. Effective 2 May 2016, Hrudicka’s new position is senior vice president of North American Tire.
Titan International, Inc. has engaged Goldman, Sachs & Co. to advise on the sale of its Italtractor ITM S.p.A. subsidiary on 25 April 2016. The news follows the announcement that the firm had established a special committee of its board of directors to review and analyze the issues relating to the possible sale of ITM. These moves and the language of the legal disclaimers attached to the official statements announcing them suggest Italtractor is now well and truly up for sale.
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