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Under the radar – Titan’s latest purchases

Getting things done quietly has never been Titan International's strong suit, so the fact the firm apparently bought out two companies back in September may come as something of a surprise. Tire Review reports that Titan acquired tyre and retread mould maker Ohio Machine & Manufacturing Co. and wheel production equipment maker Automation International Inc. Both deals closed in September, according to chairman and CEO Morry Taylor, who disclosed the deals during a 13 December telephone presentation to financial analysts.

20th December 2011/by Tyrepress Editors

Titan to announce 2012 sales guidance

Although Titan International intends to announce full details of its 2012 sales predictions in a conference call tomorrow, the company has already indicated its expects sales of up to US$1.9 billion next year – and the potential for even higher sales exists.

12th December 2011/by Tyrepress Editors

‘Screwed up’ – Titan’s Taylor responds to lapsed Goodyear agri deal

The put option Goodyear had for its Amiens plant in France, which was to be sold to Titan Tire Corporation following completion of a social plan for the closing of the site’s passenger car tyre business, expired on 30 November. It now appears that Titan will drop its tentative acquisition of the European component of Goodyear’s agricultural tyre business, shredding plans first drawn up in 2009, and pursue acquisition opportunities elsewhere.

2nd December 2011/by Tyrepress Editors

Goodyear Union City plant changes hands for $9M

Titan International has confirmed its subsidiary Titan Tire Corporation paid “approximately US$9 million” for the physical assets of the Goodyear tyre plant in Union City, Tennessee, which closed in July 2011. Included in the purchase are around 480 acres of land and a 2.1 million square foot building. As part of the deal, Titan has agreed not to produce radial passenger car or 4×4 tyres at the factory and to scrap all curing presses and tyre building equipment that Goodyear requests to be scrapped. Titan will retain the scrap value of these items.

16th November 2011/by Tyrepress Editors

"It is official": Union City mayor announces Titan plant purchase

Following speculation, the mayor of Union City Terry L Hailey has confirmed Titan Internationsl's purchase of the former Goodyear plant in Union City, Tennessee in a Facebook status update. Hailey's Facebook message reads: "Good News! Titan Tire has bought the Goodyear facility in Union City. We look forward to a lasting relationship with Titan. It is official."

11th November 2011/by Tyrepress Editors

Reports ask: Is Titan buying old Goodyear plant?

Local TV stations in the US (namely WPSD-TV in Paducah, Kentucky), is reporting that the now closed Goodyear plant in Union City., Tennessee, may open up again soon. Tire Review reports that rumours are flowing through the community that a "major company" is looking at the plant with an eye toward potentially buying, modifying and reopening the facility.

7th November 2011/by Tyrepress Editors

Strong demand prompts Titan to up 2011 projections

The sales and EBITA guidance issued by Titan International on May 19 has been revised, with increases made to both figures. In a September 28 press release announcing these alterations, Titan chairman and CEO Maurice Taylor stated: “Agriculture is booming, mining is hot and construction is rebounding.

29th September 2011/by Tyrepress Editors

Titan CEO: ‘markets are going higher’

Maurice Taylor, chairman and CEO of Titan International has sought to add clarity to forecasts of what is happening in the agriculture, construction and mining markets by pointing out that the firm expects to receive three-digit millions of dollars worth of orders: “I’ve had a number of shareholders and analysts call and e-mail asking what’s going on in the farm, construction and mining markets…The majority of these e-mails show concern as to why there’s not more positive guidance going out from the big boys in equipment manufacturing for 2012…”, he explained, adding:

23rd August 2011/by Tyrepress Editors

Titan establishes mining services company

Off-road tyre specialist Titan International has formed a new company, Titan Mining Services. The initial location where this company will operate is Fort Mackay, in the Canadian province of Alberta; Titan Mining Services will offer complete tyre, wheel and track services for end users.

22nd July 2011/by Tyrepress Editors

Titan to increase prices

As of August 1, the price of all Titan branded and Titan manufactured Goodyear agricultural tyres will increase by up to eight per cent, and in some cases more. Titan International says this price rise applies to replacement market products and is being implemented to offset rising raw material, energy and transportation costs.

11th July 2011/by Tyrepress Editors

Titan appoints new sales VP

Titan International has named a successor to former vice-president of sales and marketing Jeff Vasichek, who left the company on May 31. Jim Allen has joined the Titan in the role of vice-president of sales and in this capacity will head up the company’s entire tyre and wheel sales group. Commenting on Allen’s appointment, Titan International CEO and chairman Maurice Taylor said “Jim has a background in the automotive industry. We believe his experience and quick learning skills will fit into our culture at Titan.”

7th July 2011/by Tyrepress Editors

Titan Sales and Marketing VP resigns

Titan International has announced the resignation of its vice-president of Sales and Marketing, Jeff Vasichek, effective May 31. Vasichek joined Titan in 2005 when the company purchased Goodyear’s North American agricultural tyre business. Commenting on Vasichek’s departure, Titan International chairman and CEO Maurice Taylor said “Jeff has been with Titan as we have grown in business, and everyone at Titan wishes Jeff all the best in his next venture. He will be a great asset for his next employer.”

26th May 2011/by Tyrepress Editors

Titan 2011 sales, earnings outlook revised

As he prepares for a conference call on May 23 to discuss his company’s first quarter 2011 results, Titan International chairman and CEO Morry Taylor, offered a revised outlook for the remainder of the year.

20th May 2011/by Tyrepress Editors

Titan’s earthmover tyre business “really taking off” – Taylor

According to Titan International chairman and CEO Maurice M. Taylor, momentum from the “outstanding” first quarter the company experienced should “carry over into future quarters of 2011.” Upon announcing sales of US$280.8 million during the three months to March 31, a 41 per cent year-on-year increase, Taylor reported continued strength in Titan’s agricultural tyre and wheel business plus growth in the earthmover and construction tyre business; this sector is, the chairman and CEO commented “really taking off and I believe it will strengthen throughout the year.” He further opined that Titan’s markets are “going to keep moving upwards over the next 18 months.”

29th April 2011/by Tyrepress Editors

YHPT introduces 20th anniversary-themed MAK wheel alongside two others

The UK distributor for MAK replacement alloy wheels, Yokohama HPT, says it is helping the manufacturer celebrate its 20th anniversary by introducing three new styles into the UK. These include the Venti (Italian for 20); a striking design intended to reiterate the company’s design flair and high quality production values.

8th April 2011/by Tyrepress Editors