Tag Archives: Titan International

Business, Finance, Occupation & Industry

Titan International Hires Vice President of Finance for North America

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By Business Wirevia The Motley Fool

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Titan International Hires Vice President of Finance for North America

QUINCY, Ill.–(BUSINESS WIRE)– Titan International, Inc. (NYS: TWI) is pleased to announce that Keith Fuglaar has been hired as Vice President of Finance for North America.

Mr. Fuglaar joins Titan International from The Egging Company, a privately held multi-location heavy manufacturing company, where he served as Chief Financial Officer. Prior to this, he was VP-Finance for ARC Automotive, Corporate Controller at HNTB Corporation and Director-FP&A with McLeodUSA.

Mr. Fuglaar holds an MBA from the University of Tennessee and a BS from Louisiana Tech.

Paul Reitz, CFO of Titan International said, “We are excited to welcome Keith as a member of our leadership team. Keith’s knowledge of manufacturing, along with his strong financial background provides him a solid platform for the role of Vice President of Finance. We look forward to Keith’s contributions as a leader within our company and our continued progress in developing a world-class organization.”


About Titan International

Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.

Titan International, Inc.
Krista Gray, (217) 221-4773
Investor Relations Manager

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article Titan International Hires Vice President of Finance for North America originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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From: http://www.dailyfinance.com/2013/04/12/titan-international-hires-vice-president-of-financ/

Business, Finance, Occupation & Industry

Goodyear Sued by French in Ohio

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By Rich Duprey, The Motley Fool

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Since this country’s discovery, France always had a large presence in the Ohio River Valley, until its defeat by American colonials and the British during the French and Indian Wars.

Today it’s back again, declaring war on U.S. tire maker Goodyear , by suing it in Ohio courts over the announced closing of its French tire factory earlier this year because it was no longer profitable. Despite losing money there for five straight years, the plant’s workers are suing in U.S. courts because they say that’s where the decisions emanated from.

Taking a siesta
Time magazine labeled the French factory in Amiens as Goodyear’s “nightmare.” Despite trying to work with the unions over the years to change work hours or eliminate redundancies and prevent just such an outcome, the unions thwarted every entreaty. The government has a heavy-handed way of dealing with closures and layoffs, for example castigating ArcelorMittal for also having the temerity to want to close down an unprofitable facility. So just because Goodyear says it wants to end the bloodletting doesn’t mean it will happen anytime soon.  

It probably didn’t help any when the French government approached the CEO of tire maker Titan International , Maurice “The Grizz” Taylor, to see if he would be interested in buying the plant and was greeted with a giant guffaw instead.

“How stupid do you think we are?” he wrote to the French industry minister. “The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three, and work for three.” He concluded by saying, “You can keep the so-called workers.”  

Getting while the getting’s good
France is a worker’s paradise and, as Time aptly put it, a business owner’s nightmare. Look no further than a bill making its way through the French parliament that would grant union members amnesty for pillaging corporate offices and threatening executives with bodily harm. With violent protests breaking out at Goodyear offices and protesting union workers battling with French police, it’s quickly become clear that France is not a place where you want to do business.

In addition to factory closings by Goodyear and Arcelor, Ford, Coca-Cola, Renault, Samsonite, Sanofi, Sony, and Merck Serono are among some 1,500 firms looking to get out of Dodge. Or France, anyway.

Locking the gate
Because French courts have actually upheld the business‘ right to close, the French are seeing a mass exodus at a time when their unemployment rate is approaching 11%. That also probably informed the unions’ decision to try their luck in American courts. In addition to stopping the closure, the union is seeking $4 million in damages.

It took nearly a decade for the French and Indian War to come to a conclusion, and analysts expect Goodyear will have to go nearly as long before it’s able to finally close the French factory. The bloody battle will hardly serve as an enticement for other companies to locate to France

Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Titan In The Line Of Fire As Mining Optimism Cools

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By Zacks.com, Contributor

The industrial sector has been hot this year, always a percent or two ahead of the broad market. The reasons for optimism have been sound, from a turn-around in the Chinese economy to the US housing recovery gaining steam. But that optimism may be cooling off and we need look no further than two big name equipment manufacturers to see it unfolding: Caterpillar (CAT) and Deere (DE). And one company in the direct line of fire of a machinery slow-down could be Titan International (TWI) , a global manufacturer of off-highway steel wheels and tires in the agricultural, earthmoving/construction and consumer markets. The mining industry, from metals to iron ore, has also seen earnings and outlooks take a hit recently, with names like Cliffs Natural Resources (CLF) and Joy Global (JOY) being sold as estimates soften. The gold miners are currently one of the lowest ranked industry groups in Zacks classification of 265 industries. Titan generally manufactures both wheels and tires for these markets and provides the value-added service of assembling the completed wheel-tire system. They offer a broad range of different products that are manufactured in relatively short production runs to meet original equipment manufacturers’ specifications and/or aftermarket customer requirements. Special Offer: What you don’t own is just as important as what investments you do own. Top investing experts named names when it comes to securities to avoid in the year ahead. Get the results in this free downloadable report, 24 Widely-Held Investments You Should Sell Now. Earnings Picture Rolling the Wrong Way Despite reporting record annual results on February 25, 2013, the hiccup in Titan’s growth outlook had been foreseen by the analysts since early this year. And missing the fourth quarter consensus EPS estimate of 47 cents by 80% didn’t help. Here’s the view from the Zacks proprietary Price & Consensus chart… Since that earnings report, the Zacks Consensus Estimate for 2013 has dropped by 10.4% to $2.41 per share while that for 2014 plummeted 16.6% to $2.75 per share. It’s worth mentioning the record revenue picture here too. Revenue of $493.6 million represented a 22.5% improvement over the year-ago quarter. The impact was, however, negated by a 28.4% increase in cost of sales that led to a 12.0% fall in gross profit, and a big drop from the year-ago quarter’s 37 cents EPS. Where the Big Wheels Meet the Dirt Decreasing earnings estimates together with a mixed bag of both positive and negative earnings surprise for the past year — producing an average of miss of -9.6% — raises skepticism over Titan International‘s performance in the quarters ahead. Titan is still projected by some analysts to have mid-teens earnings and sales growth. But until the estimate picture stabilizes, it’s probably best to stand aside. Watching how CAT and DE estimates shake out would be a good idea too. Kevin Cook is a Senior Stock Strategist with Zacks.com …read more
Source: FULL ARTICLE at Forbes Latest

Business, Finance, Occupation & Industry

Titan International, Inc. Prices and Increases Size of Senior Secured Notes Offering

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By Business Wirevia The Motley Fool

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Titan International, Inc. Prices and Increases Size of Senior Secured Notes Offering

QUINCY, Ill.–(BUSINESS WIRE)– Titan International, Inc. (NYS: TWI) (“Titan” or the “Company”) today announced that it priced its previously announced offering of its 7.875% Senior Secured Notes due 2017 (the “Notes”). The Notes are being offered by the initial purchasers only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S. The size of the offering was increased from the previously announced $275,000,000 aggregate principal amount to $325,000,000 aggregate principal amount. The issue price is 106.250% of the principal amount of the Notes.

The Notes will be issued under the indenture dated October 1, 2010, pursuant to which the Company issued $200,000,000 aggregate principal amount of its 7.875% Senior Secured Notes due 2017 (the “Existing Notes“). The Notes will form a single series with the Existing Notes and will vote as one class under the indenture. However, until such time as the Notes become freely transferable under the Securities Act of 1933, as amended, the Notes will have a restricted CUSIP and will not trade together with the Existing Notes.

Titan intends to use the net proceeds from the offering to repay a portion of the existing indebtedness of certain of its indirect subsidiaries under the European credit facilities assumed as part of its acquisition of Titan Europe Plc in the fourth quarter of 2012. Titan intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes, which may include financing potential future acquisitions and repayment of other existing obligations.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes. Any offers of the Notes will be made only by means of a private offering circular.

The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

Safe harbor statement:

This press release includes forward-looking statements that involve risks and uncertainties, including risks as detailed in Titan International, Inc.’s periodic filings with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2012. The Company cautions …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Update: Titan International, Inc. Announces First Quarter Cash Dividend

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By Business Wirevia The Motley Fool

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Update: Titan International, Inc. Announces First Quarter Cash Dividend

QUINCY, Ill.–(BUSINESS WIRE)– The Board of Directors of Titan International, Inc. (NYS: TWI) has approved a quarterly cash dividend of $.005 (one half cent) per common share for the first quarter of 2013. The cash dividend is payable Monday, April 15, 2013, to stockholders of record on Thursday, March 28, 2013.

Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer applications. For more information, visit www.titan-intl.com.

Titan International, Inc.
Krista Gray, (217) 221-4773
Investor Relations Manager

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article Update: Titan International, Inc. Announces First Quarter Cash Dividend originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Titan International, Inc. Announces First Quarter Cash Dividend

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By Business Wirevia The Motley Fool

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Titan International, Inc. Announces First Quarter Cash Dividend

QUINCY, Ill.–(BUSINESS WIRE)– The Board of Directors of Titan International, Inc. (NYS: TWI) has approved a quarterly cash dividend of $.005 (one half cent) per common share for the first quarter of 2013. The cash dividend is payable Monday, April 15, 2013, to stockholders of record on Friday, March 29, 2013.

Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.

Titan International, Inc.
Krista Gray
Investor Relations Manager
(217) 221-4773

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article Titan International, Inc. Announces First Quarter Cash Dividend originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Titan International Announces Update on Steelworkers Union Vote

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By Business Wirevia The Motley Fool

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Titan International Announces Update on Steelworkers Union Vote

QUINCY, Ill.–(BUSINESS WIRE)– Titan International, Inc. (NYS: TWI) announces an update on the status of the Steelworkers Union vote. Due to weather and schedules, the Steelworkers have changed the day to vote on the proposed contract to March 15, 2013. They have scheduled informational meetings next week at two of the plants with the third plant having meetings the following week. Voting will be on March 15, which is an update from the previous date of March 4, 2013.

Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.

Titan International, Inc.
Krista Gray, IR & Treasury Manager
(217) 221-4773

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article Titan International Announces Update on Steelworkers Union Vote originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Automobiles

Report: US tire company CEO lashes out at French workers

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By Zach Bowman

Filed under: , ,

Maurice Taylor has a sour opinion of French factory workers. The CEO of Titan International, a US-based tire company, recently sent a letter to France‘s industry minister saying that he had no interest in purchasing the faltering Goodyear Amiens Nord tire plant in the country. According to Bloomberg, the French press got a hold of the letter and now Taylor’s comments are out in the open air. The executive, known as “The Grizz” for his bear-like style, threw a few choice gems at country’s industry in general, saying, “The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three and work for three.”

Taylor (shown at left) went on to say his company plans to purchase a Chinese or Indian tire company, pay less than one euro per hour and ship every tire France needs, adding, “you can keep your so-called workers.” The company manufactures agricultural and other off-road tires.

France, meanwhile, has said it will respond to Taylor’s comments, but has yet to do so.

US tire company CEO lashes out at French workers originally appeared on Autoblog on Thu, 21 Feb 2013 13:15:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog