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US to Impose Duties on Chinese OTR Tyres

The US Department of Commerce has decided upon the implementation of countervailing duties on new OTR tyres imported from China, a move based upon assertions that the manufacturers of these products are financially benefiting from Chinese government subsidies. The Department found that OTR tyre manufacturers in China received subsidies including loans from government-owned banks, tax breaks, government grants, and access to low-cost rubber and land, with subsidy margins for Chinese tyremakers ranging from 2.38 to 6.59 per cent.

13th December 2007/by Tyrepress Editors

Titan International Announces Q4 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 2007. The cash dividend is payable January 15, 2008, to stockholders of record on December 31, 2007.

12th December 2007/by Tyrepress Editors

Titan CEO Taylor on Trial for Slander

(Tire Review) The chairman and CEO of Titan Tire parent company Titan International Inc., Maurice M. Taylor Jr., is a defendant in a slander trial that began December 3 in the U.S. District Court in Des Moines, Iowa. About 20 former and current Titan employees allege they were slandered when Taylor, at a news conference in 2000, falsely accused them of filing fraudulent worker compensation claims as part of union tactics during a long United Steelworkers strike at Titan’s agricultural tyre plant in Des Moines.

5th December 2007/by Tyrepress Editors

Titan to Raise Prices

Titan Tire Corporation, a subsidiary of Titan International, Inc. increase prices on Titan and Goodyear branded farm and construction tyres, from 1 November 2007. The increase of up to five per cent is being put down to rising raw material and energy costs. Titan warned that the price rise may exceed five per cent on some product lines.

28th September 2007/by Tyrepress Editors

Titan International Announces Third Quarter Cash Dividend

The Board of Directors of Titan International, Inc. has approved a quarterly cash dividend of $.005 (one half cent) per common share for the third quarter of 2007. The cash dividend is payable October 15, 2007, to stockholders of record on September 28, 2007. Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tyres and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.

11th September 2007/by Tyrepress Editors

US Trade Agency Votes to Continue OTR Tyre Dumping Claims

The United States International Trade Commission has voted to further investigate the joint petition presented by Titan International and the United Steelworkers in the wake of accusations of foul play on the part of Chinese OTR tyre manufacturers and China’s government. The Commission voted 6 to 0 in favour of continuing the investigation into alleged dumping of OTR tyres onto the US market and illegal government subsidies.

According to the International Trade Commission, 18 per cent of all OTR tyres sold in the US during 2006 were sourced in China, a US$306 million chunk of the market. As this percentage is growing year on year both Titan and the union see China as a growing threat to both US based OTR tyre manufacturers and the almost 4,000 workers they employ, and have stated their opinion that imposing duties on Chinese OTR tyre imports is the only means by which the tide of cheap imports may be stemmed.

“We are very encouraged that the Commerce Department voted to proceed with the investigation, 6-0,” said Titan chairman and CEO Maurice M. Taylor Jr. “We still have a long way to go, but the important part of this whole process is determining what is fair and lawful. The American working men and women can be as competitive as anyone in the world, but when foreign governments subsidise and carry unlawful trade practices, then the US government must even the playing field.”

22nd August 2007/by Tyrepress Editors

Titan to Raise General Brand OTR Tyre Prices

Titan Tire Corporation, a subsidiary of Titan International, Inc. is to implement a price increase on General branded off-the-road tyres, effective 1 September 2007. The increase of up to six per cent will offset rising raw material and energy costs, and allow the company to “realign its base price listings to market conditions.”

6th August 2007/by Tyrepress Editors

Titan Voices Support for US Investigation

Titan International has released a statement outlining its support of the US Department of Commerce’s antidumping and subsidised duty investigations against OTR tyres imported from China – investigations the company claims were initiated in response to petitions it filed jointly with the United Steelworkers union in June.

“Today’s (August 2) decision to investigate unfair trade practices in China is an important first step in the right direction,” said Titan chairman and CEO Maurice M. Taylor. “Dumping and government subsidies have given Chinese tyre producers an unfair advantage in our market, and it is the US industry and American workers who have suffered as a result.

“Titan is committed to ensuring that trade is fair,” added Taylor. “If these investigations confirm that unfair subsidies and dumping have been occurring, it could result in the imposition of duties on tyre imports from China to offset the harm that such practices cause in our market. By enforcing US trade laws, we can make sure that everyone plays by the same rules and start to level the playing field for the US tyre industry and its workers.”

3rd August 2007/by Tyrepress Editors

Anti-Dumping Probe Raises China’s Ire

(Akron/Tire Review) China’s Ministry of Commerce has stated its “firm” objection to US anti-dumping and anti-subsidy charges related to tyres imported from that country.

The US Commerce Department, acting on unfair trade practices complaints by Titan International and the United Steelworkers – a complaint later joined by Bridgestone/Firestone North American Tire and Denman Tire Corp. – launched a formal investigation. The tyremakers and union want the US to impose duties on China-made OTR tyres the US group claims are unfairly priced.

The Chinese government claims the investigation is “an abuse of World trade Organization rules,” and will hurt trade relations between the two countries.

1st August 2007/by Tyrepress Editors

Sales Up, Profits Posted, Titan Eyes 73.5-Inch Tyre

(Akron/Tire Review) Titan International posted record first half sales of $436.6, up 22 per cent from the same period last year, but dropped only $2.5 million in net profits for the period, down from a $14.2 million net profit in the first half of 2006.

Titan said its total sales for second quarter 2007 were $210.3 million, up 20 per cent from the $175.2 million in sales posted for the second quarter of 2006. Net income for the quarter was $5.0 million, down slightly from 2006’s $5.6 million.

“The second quarter has been very exciting for Titan,” said Maurice Taylor, Titan’s chairman and CEO. “Our sales are up, as they should be from last year’s acquisition. We are expanding our OTR business and adding new OTR products by expanding capacity in Freeport, Illinois. While this is happening in Freeport, certain farm tyres are being transferred to our Des Moines facility.”

31st July 2007/by Tyrepress Editors

Titan Issues Employee Bonus

Illinois based Titan International subsidiary, Titan Wheel Corporation, intends to issue a summer bonus to its employees on Thursday, June 28. Titan Wheel President Ron Schildt said the total bonus payout for the subsidiary, with locations in Quincy, Illinois., and Saltville, Virginia., is over $1.8 million.

“These men and women have helped build Titan into a world-wide leader in off-highway wheels,” said Schildt. “They walk the walk when it comes to making quality products here in America.

28th June 2007/by Tyrepress Editors

New Directors Appointed at Titan

Three new class 1 directors were elected at Titan International’s annual shareholders meeting on May 17. Chosen for the three-year term were J. Michael A. Akers, Edward J. Campbell and Maurice M. Taylor Jr. Titan stockholders also voted in favour of amending the company’s bylaws to allow the number of board of director positions to increase from the current level of seven to a total of nine positions. Also on the agenda was the ratification of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2007.

Titan’s Board of Directors met after the stockholders meeting and re-elected Maurice M. Taylor Jr. as chairman and CEO, Ernest J. Rodia as executive vice president and COO, Kent W. Hackamack as vice president of finance and treasurer and Cheri T. Holley as vice president and secretary.

22nd May 2007/by Tyrepress Editors

Dealer Titan Les Schwab Dies

(Akron/Tire Review) Les Schwab, one of the most recognizable and respected people in the tyre industry, died May 18, in Prineville, Ore. He was 89.
According to an official statement by the company, Schwab had been in declining health for a number of months. Clearly the most beloved resident of Prineville, most businesses and government centers in the area were flying their flags at half-staff. The Crook County Courthouse, according to local reports, will be draped in black.

After starting his company in 1952, he built Les Schwab Tire Centers into one of Oregon’s best-known businesses. The company now operates more than 410 stores throughout the West, with 7,700 employees, and posted 2006 sales of $1.6 billion. “Les was not just a great businessman, he was a great man,” said Phil Wick, current chairman of Les Schwab Tire Centers. “There will never be another Les. He was a visionary, and all of us who worked with him will stay true to his vision of integrity, service and treating people right.”

21st May 2007/by Tyrepress Editors

Titan’s Board Approves Giant Tyre Production

The go-ahead has been given for Titan International to gear-up for giant tyre production. The company’s Board of Directors approved the allocation of funding to increase mining tyre production by the addition of 57 and 63-inch sizes to its range. This injection of finances should give Titan the ability to produced around 6,000 of the giant radials per year.

“We are very excited about this newest venture since there are only two manufacturers in the world that produce 63-inch radial tyres: Michelin and Bridgestone,” said Titan Chairman and CEO Maurice M. Taylor Jr. “This is what it’s all about; a small American company going up against two powerhouse foreign companies, one French, the other Japanese.

“Titan has assembled a great team, and we believe that we have a better way to produce these giant tyres. We believe radial tyres perform better on 15-degree wheels, which is what cars and trucks now utilise. Titan has developed these wheels and we plan to produce our new tyres on a 72.5-inch 15-degree wheel at the same time as we produce 63-inch radial tyres.”

21st May 2007/by Tyrepress Editors

Titan Wheels Wins Queen’s Awards for Enterprise

Titan Steel Wheels Ltd and several other firms from the automotive and commercial vehicle sectors are celebrating after winning a Queen’s Award for Enterprise – the UK’s most prestigious annual accolade for business success.

In total, 119 Business Awards are announced this year – 71 for International Trade, 40 for Innovation and 8 for Sustainable Development. As ever, winning companies come from a vast range of business sectors, and range in size from two firms with just three employees to an international giant employing 68,000 people. 49 per cent of this year’s winning firms employ less than 50 people.

This year Titan Steel Wheels Ltd, a manufacturer of wheels for earthmoving machines, represented the tyre and wheel industry.

To mark their achievement, a representative from each winning company is invited to attend a special reception in London tonight (Tuesday 24th April 2007) in the presence of HRH The Duke of York.

24th April 2007/by Tyrepress Editors