CHICAGO-WEST, Illinois., December 21, 2021 / PRNewswire / – Titan International, Inc. (NYSE: TWI) (“Titan” or “TWI”) today issued the following statement.
Morry Taylor, Chairman of the Board, commented, “A few days ago I posted about TWI, the market and our stocks. Since then, several sources have reported that Yokohama offered to purchase Trelleborg’s off-road wheel business to $ 2 billion. I think Trelleborg’s wheel business for 2021 will be somewhere around $ 1.4 billion in sales. Yokohama may face challenges with antitrust laws due to the amount of business they operate in India ships in Europe. Looking at TWI within our agricultural business, we are the market leader for steel wheels in all major markets. Within the agricultural tires business, the combined share of Titan and Goodyear is number one in South America, North America and Russia. In Europe, we have a long-term plan to be a major player there as well. One thing that many people forget is this: in the last few years the majority of new Ag wheel and tire designs have come from Titan. I think that fifteen years from now, the best-selling agricultural tire will be that of Titan. LSW® tire / wheel combination.
“In 2022, Titan anticipates global sales of more than $ 2 billion based on our annual plan approved by Titan’s board of directors. Think about it, Yokohama offers to buy a business for $ 2 billion with 2021 sales well below those of Titan. Considering the Yokohama/ Trelleborg’s offer is a $ 2 billion award for a company that could be number one in Europe, but nowhere else. The world’s largest agricultural markets are in the United States and Brazil and Titan is the leader in these markets. Additionally, TWI has the manufacturing capacity to expand without building additional facilities. If you apply the same math to the $ 2 billion bid price for Trelleborg, and reduce it to our net debt, which would suggest a Titan share price above $ 24.
“It took 30 years for politicians and some of the leaders of America’s biggest companies to realize that chasing low-wage countries for manufacturing is going to explode. In addition, the situation with China has become a big problem in a number of areas. Now, customers need supply chains for wheels and tires that can support their factories in the countries where they produce or sell their product. I’ve heard that some customers want at least half of their wheels and tires produced in the United States. There is no other domestic producer that has this kind of capability beyond Titan.
“I expect there will be more positive updates regarding TWI after the first one of the year. From myself and all of us at Titan, we hope everyone has a very happy. Christmas and a Happy New Year Sorry if I offend anyone, but I’m too old to be awake Hi!
Safe Harbor Declaration: This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor rule for “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “plan”, “” “” Could “,” potential “,” could “,” will “and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs about future developments and their potential effect on us. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties and are subject to change based on various factors, some of which are beyond the control of Titan International, Inc.. Therefore, any of these assumptions could prove to be incorrect and forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements in depending on various factors, uncertainties or other factors, including, but not limited to, the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company’s end-user markets in which the Company sells its products due to national and global economic or regulatory influences or otherwise; changes in the market, including new products and price changes by the Company’s competitors; unfavorable results of legal proceedings; the Company’s ability to comply with current or future regulations applicable to the Company’s business and to the industry in which it competes or to any action taken or order issued by regulatory authorities; availability and price of raw materials; operational efficiency levels; the effects of the Company’s indebtedness and its compliance with its terms; changes in the interest rate environment and their effects on the Company’s outstanding debt; product liability and adverse warranty claims; actions of national and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or carries out its activities; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing activities and increased expenses; investment results; the effects of potential processes to explore various strategic transactions, including potential arrangements; fluctuations in currency conversions; risks associated with environmental laws and regulations; risks associated with our manufacturing facilities, including that any of our physical facilities may become unusable; risks related to financial information, internal controls, tax accounting and information systems; and other risks and factors detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in such reports. These forward-looking statements are made only as of the date hereof. The Company cautions that all forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company does not undertake to publicly update or revise any forward-looking statements. whether as a result of new information, changes in circumstances or future events, or for any other reason, except as required by law.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-road wheels, tires, assemblies and undercarriage products. Based at West Chicago, Illinois, the company produces a wide range of products globally to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agriculture, earthmoving / construction and construction markets. consumption. For more information, visit www.titan-intl.com.
SOURCE Titan International, Inc.