Titan Archives - Page 9 of 25 - Tyrepress

Posts

Union seeking to bound into Titan negotiations

Regional newspaper the Journal Standard reports that the union representing workers at Titan Tire Corporation’s Freeport factory in the US has held “solidarity rallies” with a view towards discussing a renegotiated contract with the tyre maker. In an article published 23 August, the paper quoted the United Steelworkers union local chapter president Dale Sandell as saying “we have been under an imposed contract for about two years now. We’re trying to get back to the table.”

24th August 2012/by Tyrepress Editors

Terms agreed for Titan Europe share offer

News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.

13th August 2012/by Tyrepress Editors

Titan’s Planet Group acquisition finalised

US off-road tyre and wheel specialist Titan International has closed on the purchase of Perth, Australia-based Planet Corporation Group. Titan acquired 56 per cent of Planet for US$22.9 million and paid-off the Australian firm’s outstanding credit facilities of $10.5 million at closing.

3rd August 2012/by Tyrepress Editors

Titan, Goodyear alter Latam truck tyre agreement

In its recent second quarter results announcement, Titan International reported the termination of the truck tyre off-take agreement held with Goodyear since its purchase of Goodyear’s Latin America agricultural tyre business last year. Under the terms of the original deal, which was to run for three years, Titan would produce cross-ply light and medium truck tyres for Goodyear at its plant in São Paulo, Brazil and supply these at below market prices.

30th July 2012/by Tyrepress Editors

Q2 sales, operating profit a record for Titan International

Alongside news of its all-share offer for Titan Europe, Titan International reported record second quarter sales and operating profit. Sales during the three months to 30 June were, at US$459.2 million, 14 per cent higher than in the corresponding quarter of 2011. Gross profit increased 28 per cent to $82.1 million, or 17.9 per cent of net sales. Second quarter income from operations was $81.0 million, up 82 per cent compared with last year’s second quarter result of $44.4 million. Adjusted net income for the second quarter was $28.8 million, compared to $23.7 million in the second quarter of last year.

27th July 2012/by Tyrepress Editors

Titan International proposes £115 million all-share offer for Titan Europe

Titan International is proposing an all-share offer for Titan Europe valued at more than £115 million. The deal amounts to one Titan International common share per 11 Titan Europe ordinary shares. According to the convoluted language of the official statement disclosing the proposed offer, Titan International is after not less than 51 per cent of Titan Europe shares and 51 per cent of its voting rights. The company already holds 21.67 per cent.

26th July 2012/by Tyrepress Editors

Wheel production restarts at Titan Europe plant

Titan Europe plc has announced that limited production at the company’s large agricultural wheel facility in Finale Emilia, Italy recommenced on 16 July, a little under two months after being knocked out of operation by an earthquake in the region. The rim-rolling and assembly welding areas of the factory will progressively return to normal volumes over the next few weeks, with production scheduled to continue during the normal summer shutdown period, the company’s Board of Directors stated.

19th July 2012/by Tyrepress Editors

Titan makes European operation takeover approach

The odd ownership dance between Titan International and Titan Europe has kicked up again, with new reports that the US company has made an offer for some or all of the shares in the European operation.

In an official statement from the company, the board of Titan Europe acknowledged recent press speculation to this effect and confirmed that it has received an approach from Titan International Inc, which “may or may not lead to an offer being made for the whole of the issued share capital of the company.

17th July 2012/by Tyrepress Editors

Titan buys Planet Group

Titan International, Inc. has signed an agreement to purchase a majority ownership interest in Planet Corporation Group of Companies (“Planet”) in an all-cash transaction. Planet includes National Tyres, Acme Wheel, Resource Tyre and Choice Tyres Wholesalers and is based in Perth, Australia. The purchase price and revenue information will be released upon closing which is expected to be within 10 days.

13th July 2012/by Tyrepress Editors

Hawkins to lead Titan Mining Services

Titan International has named Paul Hawkins the new head of its subsidiary Titan Mining Services. Hawkins, who previously served in OTR sales and production at Titan Tire Corporation, will report directly to Titan International CEO Maurice Taylor in his new role. “Paul understands the complete range of products and what needs to be done as Titan expands into this new venture,” commented Taylor upon announcing Hawkins’ appointment.

22nd June 2012/by Tyrepress Editors

Titan announces first quarter dividend

The Titan International Board of Directors has approved a quarterly cash dividend of US$.005 per common share for the first quarter of 2012. The cash dividend is payable 16 April 2012, to stockholders of record on 30 March, 2012.

16th March 2012/by Tyrepress Editors

2011 a ‘record year’ for Titan

Titan International has recorded a record fourth quarter and full-year 2011. The US firm says its year to date 2011 sales were the highest in company history and increased 69 per cent year-on-year to US$1.487 billion. Gross profit for 2011 amounted to $232.1 million, or 15.6 per cent of net sales, a year-on-year rise of 123.0 per cent. Net income for the year was $58.2 million, compared to a loss of $5.9 million during the 2010 financial year. Fourth quarter results tell a similar story: Sales during the three months to 31 December came to $402.9 million, up from $232.7 million in the fourth quarter of 2010. Income from operations increased from $16.2 million in the final quarter of 2010 to $58.5 million in the fourth quarter of last year.

29th February 2012/by Tyrepress Editors

Titan readies production at ex-Goodyear plant

Titan Tire will utilise the former Goodyear plant in Union City, Tennessee to produce and redistribute materials to other company facilities. Tire Review shares that Titan Tire chairman Bill Campbell told local media that the plant’s operation – polyester and blending rubber and steel strands used in tyre belts – will create 300 jobs by the end of 2012.

26th January 2012/by Tyrepress Editors

Titan signs Caterpillar OEM deal

Titan Tire Corporation has entered into a three-year supply contract with earth moving machinery manufacturer Caterpillar. The tyre supply agreement begins this year and is valued at more than US$100 million.

18th January 2012/by Tyrepress Editors

Titan announces management changes

William Campbell, who has served as Titan Tire president for the past 12 years, is to take on a new dual role as chairman of Titan Tire and executive vice-president of Titan International. In this capacity he will work with Maurice Taylor, chairman and CEO of Titan International, on all recent and future acquisitions.

16th January 2012/by Tyrepress Editors