Titan Archives - Page 23 of 25 - Tyrepress

Posts

Titan Wheel Signs to Supply Deere & Company

Titan International has announced that its Titan Wheel Corporation subsidiary has signed a supply agreement with Deere & Company. According to the company, the agreement secures wheel pricing with Deere for three years. The agreement excludes raw material price increases or decreases, these will be passed on to the customer.

”This is a very beneficial contract for both companies. Deere is ensured uninterrupted wheel supply and agreed upon pricing. In exchange, Titan will receive minimum order quantities and more accurate forecasting from Deere to increase productivity,” stated Maurice Taylor Jr., Titan president and CEO. “We congratulate the Deere team led by chairman and CEO Robert Lane on their record year, and the outlook for 2005 remains positive. Titan looks forward to growing with Deere and the rest of the agricultural and construction markets.”

2nd December 2004/by Tyrepress Editors

Titan’s Promising Third Quarter

Titan International has reported net sales of $116.5 million for the third quarter ended 30 September. Sales were up 47 per cent from $79.2 million recorded in the third quarter of 2003.

1st November 2004/by Tyrepress Editors

Titan Cleared in Tractor Tyre Suit

According to an American news source a state district court jury in Brownsville has found Titan Tire Corp not liable in a $10 million lawsuit filed by the family of Raymundo Barrera.

The suit was filed following Mr Barrera’s death in October 2002, when a Titan tractor tyre he was filling with air exploded. Titan was charged with not providing instructions in Spanish on the tyre’s proper maintenance, but the jury unanimously found Mr Barrera at fault.

News reports state that Titan declined comment, as it is likely the plaintiffs will appeal.

2nd September 2004/by Tyrepress Editors

Titan Redeem 8.75 per cent Senior Subordinated Notes

Titan International, Inc was notified by the trustee that all $136.8 million (£76 million) of its outstanding 8.75% senior subordinated notes have been redeemed today, 26 August, 2004.

“We appreciate the confidence of our bond holders during the past seven years,” stated Maurice Taylor Jr., Titan president and CEO. “The financial support has been a valuable tool as Titan continuously strives to lead the off-highway wheel and tire industry.”

27th August 2004/by Tyrepress Editors

Titan Support the US Military

The Titan Tire Corporation, a subsidiary of Tian International, has been awarded two multi-year contracts by TACOM (Tank Automotive Command). Together the contracts total an estimated value of $40 million and cover the US Army’s anticipated requirements for tyres used on 2.5 and five ton military trucks, for the next five years.

“We are proud to continue our tradition of supplying products to support the US military and are appreciative of the confidence placed in Titan,” stated Maurice Taylor Jr, Titan president and CEO. “This is further evidence of Titan’s recognised expertise in the off-highway sector.”

27th August 2004/by Tyrepress Editors

Titan International Reports Favourable Results

Titan International has reported positive first half results, with net sales of $288.2 million, (£158 million) from $260.0 million compared with 2003. Second quarter net sales increased by 29 per cent, reaching $121.2 million, (£66 million) from the previous year’s figure of $94.0 million. The net sales, for the period ending 30 June, were adjusted to reflect the sale of Titan Europe, which brought sales of $131.0 million.

A net income of $5.6 million (£3 million) was recorded for the second quarter, resulting in a $10.9 million (£6 million) year-to-date sum for 2004. The figure compared favourably to the previous year’s net losses of $(8.2) million for the second quarter and $(14.1) million for the first six months. Diluted earnings per share were $.32 for the second quarter, compared to a loss per share of $(.39) for the corresponding quarter of 2003, resulting in a $.71 increase quarter-over-quarter. Year-to-date earnings per share leveled at $.57 measured against a $(.67) loss per share in the first half of 2003.

6th August 2004/by Tyrepress Editors

Titan Wheel Corporation Employees see Record Summer Bonus

Employees of Titan Wheel Corporation of Illinois, a subsidiary of Titan International, Inc., will receive a record summer bonus.

The supplier of mounted wheels and tyre systems will pay out an average of approximately $2,500 per employee. A bonus of $2.20 per hour versus the previous record of $1.45 per hour paid in 1998.

Titan president and CEO Maurice Taylor Jr, stated: “I would like to congratulate all the Quincy employees – there is not a better team anywhere. Every night the talking heads on TV say that manufacturing is dead in the US, but the Quincy Titan employees have proven that hard work can build a successful company.”

6th July 2004/by Tyrepress Editors

Titan Buys Back Shares

Titan International is to purchase 4.9 million shares of Titan International common stock from Citicorp Venture Capital (CVC). This represents around 23 per cent of the total shares outstanding and the purchase price is US$ 15 million.

26th April 2004/by Tyrepress Editors

Titan Europe admitted to trading on London’s AIM Exchange

Titan Europe Plc, previously a wholly-owned subsidiary of Titan International, has been admitted to trading on the AIM market in London. The placing shares have been priced at 125 pence, with 26,775,000 shares offered.

8th April 2004/by Tyrepress Editors

Titan International, Inc. 2003 year-end results

Titan International’s financial results showed year on year a pre-tax improvement with reported net sales of 120.5 million US Dollars for the fourth quarter (up 11 per cent from 2002) and 491.7 million US Dollars for the year ended December 31, 2003 (up 6.2 per cent from 2002). Titan recorded a loss before income taxes of 33.7 million US Dollars for the year, compared to 44.3 million US Dollars in 2002. Maurice Taylor Jr., Titan president and CEO said, “The operating results achieved in fourth quarter confirm that Titan is making progress toward our goals of profitability. We were pleased that Titan’s orders surged beginning in December 2003, and continuing through first quarter 2004.”

4th March 2004/by Tyrepress Editors

Titan Europe seeks London listing

Earthmover and agricultural tyre and wheel specialist Titan Europe is to be listed on the AIM market in London, creating a separate public company from owner Titan International. The value of Titan Europe will be 30 million Pounds Sterling (US$50 million) and Titan International will remain the largest stockholder.

4th November 2003/by Tyrepress Editors

Titan International 3Q results

Titan International’s 3Q turnover was $111.2 million; 6.2 per cent higher than for the same period last year. The quarterly loss before tax was $12.6 million (3Q 2002: -$21.9 m). The negative impact of high raw material costs and increased employee benefit costs was estimated at around $2.1 million. There was also a figure of $1.7 million as a cost incurred when Titan consolidated all its tyre manufacturing into its plant at Des Moines, Iowa.

3rd November 2003/by Tyrepress Editors

Titan announces third quarter cash dividend

The Board of Directors of Titan International, Inc. (NYSE: TWI) has approved a quarterly cash
dividend of $.005 (one half cent) per common share for the third quarter of 2003. The cash dividend is payable October 15, 2003, to stockholders of record on September 30, 2003.

11th September 2003/by Tyrepress Editors

Titan Idles Factory Due To Low Demand

Titan Tire will suspend production at its factory in Brownsville, Texas until market demand picks up. Production will continue at the plant in Des Moines, Iowa. A slump in the US agricultural and industrial tyre markets is blamed as the main cause, although US tyre manufacturers are under pressure from cheaper imported tyres. Titan currently has another factory standing idle – the former Fidelity Tire plant in Natchez.

30th July 2003/by Tyrepress Editors

Titan International announces Q2 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 second quarter of 2003. The cash dividend is payable July 15, 2003, to stockholders of record on June 30, 2003.

11th June 2003/by Tyrepress Editors