Titan Archives - Page 15 of 25 - Tyrepress

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High Employee Costs Driving Plant Closure, Says Titan’s Taylor

According to an article published on the website of Rockford, Illinois based CBS television affiliate WIFR, Titan Tire has commented that “when the fall hit, things sort of ground to a halt.” The market downturn caught up with the company late last year, and the company responded by laying off 83 employees, about 14 per cent of the workforce at its Freeport, Illinois plant. Titan at this time also instigated a six-week on/two-week off operating schedule.

7th January 2009/by Tyrepress Editors

US Tyre Firms Announce Layoffs

The US tyre industry announced over 100 job losses today in both the manufacturing and retail segments. News reports suggest that Titan is to cut 80 jobs from its Freeport, Illinois plant in addition to taking on a six-weeks-on/two-weeks-off schedule, while Les Schwab Tire Centers’ distribution centre in Prineville, Oregon is set to shed 27 employees.

“There’s certainly a level of tentativeness about what the future holds in the short-term,” USW Local 745 President Steve Vanderheyden told Rockford’s WIFR-TV. “There’s been less construction companies willing to buy large mining rigs for example that would have our tires on them.”

6th January 2009/by Tyrepress Editors

Titan International Announces Q4 Cash Dividend

The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2008. The cash dividend is payable January 15, 2009, to stockholders of record on December 31, 2008

11th December 2008/by Tyrepress Editors

Titan’s Taylor Talks About 2009 Goals

A glimpse at what year-end 2008 and 2009 has in store for Titan International has been provided in a company statement by chairman and CEO Maurice M. Taylor Junior. “It has been a remarkable year for Titan and its employees,” noted Taylor. “No one outside of this corporation will ever know how great this team of Titan employees are.

“In the past two months I’ve visited the oil sands, mines, farm equipment dealers, farmers and executives of major farm original equipment manufacturers,” he added. “It’s hard to believe with all the gloom on Wall Street, television and clueless politicians’ commentary that 2009 should be a great year, but that is what I see.”

9th December 2008/by Tyrepress Editors

Titan Giant Tyre Production Halted Due to Press Mishap

Titan Tire has temporarily halted production of giant tyres at its Bryan, Ohio facility due to what it says is a pressure issue with one of its 53/80R63 curing presses. A build up and release of pressure from the curing press resulted in building structure damage. Fortunately, reports Titan, there were no serious injuries.

Production of the giant tyre ceased on November 23 and the company reports that it will be approximately 10 to 14 days before it recommences, the time required to undertake necessary repairs. Titan expects that certain repair costs will be covered by insurance.

25th November 2008/by Tyrepress Editors

Titan Reports Record Third Quarter Sales and Net Income

Titan has reported all time third-quarter sales, profit and income results upon releasing its latest financial results. Sales for third quarter 2008 were $255.5 million, an increase of $60 million, or 31 per cent, as compared to $195.5 million in the third quarter of last year. Gross profit, at $37.4 million for the quarter, showed an improvement of over $19 million, or 105 per cent, from the $18.3 million recorded in last year’s third quarter. Income from operations was $21.3 million for the third quarter of 2008, rising $18.5 million, or 688 per cent, compared to $2.7 million in the previous year’s third quarter. Net income was $10.3 million for the quarter, an improvement of $11 million, compared to last year’s third quarter loss of $900,000.

30th October 2008/by Tyrepress Editors

Titan International Offers Company Chief Contract Extension

Titan International chairman and CEO Maurice M. Taylor Jr. is to hold his position within the company at least until 2012, following a two-year extension of his employment contract.

“The Board of Directors proposed a two-year addition to my contract, but before I agreed, I had my doctor, Dan Megler, give me a physical. He told me I was healthy as a 42-year-old jock and I agreed. Hopefully those who know me are not laughing too hard now!” said Taylor. “But seriously, the success of Titan’s super giant tyre project has been the most fulfilling career challenge of my life. I owe this success to our employees, and it is because of their hard work that we see these super giant tyres in use around the world.”

10th October 2008/by Tyrepress Editors

Titan Announces Retirement of COO

Titan International has announced Ernest Rodia will retire as the company’s chief operating officer on October 31, 2008. Rodia came to Titan in 2005 after a 37-year career with Goodyear Tire and Rubber, where he retired as vice president of global engineering and manufacturing technology.

“Ernie led Titan’s team on the development of our super giant radial tyres. This project was an unbelievable task that was completed in record time,” said Titan chairman and CEO Maurice M. Taylor Jr. “Fortunately, he will stay on with Titan as a consultant as we go forward. Production has begun on the super giant tyres, so now Ernie can move into a supervisory role and be available to work with me on new special projects.

10th October 2008/by Tyrepress Editors

Titan International no Longer Wants European Shares

Titan International Inc. discontinued discussions regarding a potential offer for Titan Europe Plc’s outstanding ordinary shares. On April 12, Titan International Inc. filed a preliminary proxy regarding a potential offer for an exchange of stock to be made with Titan Europe Plc for all or a partial amount of 51% or more of Titan Europe’s outstanding ordinary shares. On September 10, the Titan International board of directors notified Titan Europe Plc that they were discontinuing discussions on the potential offer for Titan Europe Plc.

Titan International Inc. continues to focus its efforts on production of its new 57- and 63-inch giant steel belted radial tires, the company said. (Tire Review/Akron)

11th September 2008/by Tyrepress Editors

Titan Wheels Australia’s Indonesian Operation Commences

Titan Europe has announced that its Titan Wheels Australia Pty Ltd subsidiary has commenced operations in Balikpapan Kalimantan, Indonesia. The business operation will trade as PT Titan Wheels Indonesia and will initially run as a sales and distribution outlet for products manufactured and marketed by Titan Wheels Australia. Company personnel will also be trained in the non destructive testing and wheel repair business.

11th September 2008/by Tyrepress Editors

Titan Tire States New Giant Tyres Performing Well

Reports from Titan Tire Corporation indicate its new 63-inch giant OTR mining tyre and wheel assemblies are continuing to perform well for customers. The first shipment of the company’s latest product is now in service in mining applications in Canada’s oil sands. Video footage of the tyres running on a Caterpillar 797B haul truck with a 400-ton load is available to view at www.titantire.com under the “videos and photos ” menu, or on YouTube at www.youtube.com/TheGrizzzly .

2nd September 2008/by Tyrepress Editors

Titan Tire Welcomes Anti-Dumping Determinations

Titan Tire Corporation says it welcomes news of the ‘affirmative injury’ determinations issued on August 15 by the US International Trade Commission (ITC) regarding the antidumping and countervailing duty investigations concerning off-the-road (OTR) tyres from China. By a vote of 5 to 1, the ITC ruled that these OTR tyre imports from China were causing material injury to US industry.

18th August 2008/by Tyrepress Editors

ITC Finalizes Anti-Dumping Ruling Against Chinese

The International Trade Commission affirmed a previous ruling by the Commerce Department, voting 5-1 to place anti-dumping and countervailing duties on certain OTR tyres imported from China. It was the final step in a year-long investigation by the U.S. into complaints filed by Titan International and the United Steelworkers. The final duty and penalty amounts will be posted by the Commerce Department later this year but are expected to follow its previous schedule.

The USW union cheered the result. “Today’s decision proves China cheats and that U.S. trade law enforcement is an important tool that will help level the playing field for U.S. workers by requiring Chinese tire imports to be priced fairly,” said USW President Leo Gerard. “This case shows the importance of vigorous enforcement of our trade laws as a first line of defense against unfair trade practices that harm American industries and jobs.”

18th August 2008/by Tyrepress Editors

Titan Reports Record Sales, Increased Profits in Q2

Titan International has once again reported all time record sales, this time for the second quarter of 2008. In the three months ending June 30, Titan recorded sales of US$269.1 million, 28 per cent higher than the second quarter 2007 sales of $210.3 million. Net sales were also up for the half-year period; sales of $522.6 million reflected a 20 per cent increase on the $436.6 million recorded in the first half of 200. According to Titan, the record sales levels for the second quarter and first half of 2008 can be attributed to exceptionally strong demand in the company’s agricultural market, which reported higher sales of 50 per cent for the second quarter of 2008 and 38 per cent for the first half of 2008 as compared to the respective 2007 periods.

30th July 2008/by Tyrepress Editors

Titan Delivers First Production 63-inch Tyre and Wheel Assemblies

Titan Tire Corporation shipped its first giant 63-inch OTR tyre and wheel assemblies on July 29. These tyres, each measuring nearly 14 feet or 4.3 metres tall and weighing approximately 5.7 tonnes, are being shipped to Canada’s oil sands for use in mining applications.

“A lot of people in the industry doubted that Titan could build these giant tyres in less than a year,” said Titan Chairman and CEO Maurice M. Taylor Jr. “I am happy to prove to them that we are committed to achieving the company’s goals.”

30th July 2008/by Tyrepress Editors