WEST CHICAGO, Ill.,
Dec. 9, 2021 /PRNewswire/
-- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI")
today released the following statement.
Morry Taylor, Chairman of the
Board, commented, "This past quarter on our earnings call a
question was asked in reference to John Deere's strike and how it
would affect Titan. John Deere is one of TWI's largest
customers. During the strike TWI kept John Deere supplied with
wheels and tires, but while the strike was taking place (it is now
over), Titan was able to supply more product to our other
customers. So the strike did not have any negative, only
positive, financial effect on Titan. TWI is in its best
financial shape in recent years. Everything is moving upward
and our adjusted EBITDA is expected to be over $130 million for 2021. Titan's CEO,
Paul Reitz, and his team have done
an excellent job this past year for all shareholders.
"The only area that is lagging is TWI's share price which
remains below where it should be given that we expect our earnings
to reach an even higher level in 2022. As one of our Board
members stated, TWI should be much higher based on our
results. If investors like farming, home building and
construction, they have got to love TWI. I happen to agree
with this statement. In the near future, Paul Reitz will be setting up more meetings with
investors going through what the future of TWI looks like. I
should also mention that even though TWI is the world's largest
manufacturer of wheels for agriculture and construction, we also
have the greatest capacity of Ag tires in the world. There
are potential acquisitions that could be interesting for us, so it
is a very exciting time at Titan heading into 2022.
"One thing you can always count on is the U.S. Farmers. If
corn is over $4/bushel, soybeans over
$10/bushel and cotton over
$1/pound, then all acres will be
planted and farmer income will be strong. This means farmers
will want to buy new equipment. I also believe the supply
chain is going to be coming back to America. Titan has
manufacturing around the world, with our largest production
capacity for wheels and tires located right here in the U.S which
puts us in a great position to capitalize on this
shift.
"We welcome visitors at our facilities and our employees take
great pride in showing off how we make our products. So if
you're going to be in the area of one of our tire or wheel
facilities, call us at 1-800-262-3397 and arrange a tour. Our U.S.
facilities are located in Quincy,
Illinois, Des Moines, Iowa,
Freeport, Illinois, Bryan, Ohio and Union City, Tennessee.
"I wish you all good health and safe travels over the
holidays."
Safe Harbor Statement: This press release contains
forward-looking statements. These forward-looking statements are
covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," "plan," "would,"
"could," "potential," "may," "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
concerning future developments and their potential effect on us.
Although we believe the assumptions upon 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 Titan International, Inc.'s control. As a result, any of
these assumptions could prove to be inaccurate and the
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 depending on a variety of 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 into which the Company sells its
products as a result of domestic and world economic or regulatory
influences or otherwise; changes in the marketplace, including new
products and pricing changes by the Company's competitors;
unfavorable outcomes of legal proceedings; the Company's ability to
comply with current or future regulations applicable to the
Company's business and the industry in which it competes or any
actions taken or orders issued by regulatory authorities;
availability and price of raw materials; levels of operating
efficiencies; the effects of the Company's indebtedness and its
compliance with the terms thereof; changes in the interest rate
environment and their effects on the Company's outstanding
indebtedness; unfavorable product liability and warranty claims;
actions of domestic and foreign governments, including the
imposition of additional tariffs; geopolitical and economic
uncertainties relating to the countries in which the Company
operates or does business; risks associated with acquisitions,
including difficulty in integrating operations and personnel,
disruption of ongoing business, and increased expenses; results of
investments; the effects of potential processes to explore various
strategic transactions, including potential dispositions;
fluctuations in currency translations; risks associated with
environmental laws and regulations; risks relating to our
manufacturing facilities, including that any of our material
facilities may become inoperable; risks relating to financial
reporting, internal controls, tax accounting, and information
systems; and the 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 those reports.
These forward-looking statements are made only as of the date
hereof. The Company cautions that any forward-looking statements
included in this press release are subject to a number of risks and
uncertainties, and the Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, changed 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-highway wheels, tires,
assemblies, and undercarriage products. Headquartered in
West Chicago, Illinois, the
company globally produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets. For more
information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.