Press Release Details


February 8, 2022

WEST CHICAGO, Ill., Feb. 8, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") today released the following comments from its Chairman of the Board, Morry Taylor.

"A few weeks ago I shared my thoughts with what is going on within the U.S. farm market and how that positively impacts Titan's business.  Since then, the U.S. equity markets have been all over the place and TWI has experienced this as well.  I believe any business that is involved in the production of food in the U.S. is likely going to the see new highs in their business.  This should include equipment manufacturing, suppliers, farmers, and dealers.  All you need to do is look at the current prices of corn, soybeans, cotton, wheat – to see that virtually everything to do with farming is on a good path and going higher.  There should be a record number of acres planted, but yet the inventories of grain stocks are projected to remain low even with a bumper crop.  I've said it before and still firmly believe that every company involved in farming is going to have higher sales these next few years. 

"I have mentioned a number of times that Paul Reitz and his team overcame the challenges of the past couple years and have demonstrated they are growing the business on a good trajectory, along with building Titan's foundation for the future.  Titan operates plants in larger metro areas like Sao Paolo, Brazil and Des Moines, Iowa, with the rest of our operations primarily in more rural areas.  But what this really means is that our plants are strategically located near our customers.  This gives Titan the ability to take advantage of its existing manufacturing footprint in wheels, tires and undercarriage to better serve our customers and mitigate their global supply chain risks.  This is why Paul and his team are working extremely hard to manage the strong demand and increased expectations as potential contracts are signed in the next few months that should improve TWI's long-term growth pattern. 

"Last week Titan announced a new agreement with Kubota.  This is a big deal for Titan because a few years ago TWI also developed a new tire named the R-14 that has grown in volume and I anticipate the same with these latest tires.  A number of years ago Titan developed the LSW designed tire which operates on lower inflation pressure which lowers ground pressure reducing soil compaction.  Well, TWI plans to continue to increase production of LSW tires because of the higher demand.  By using LSW tires/wheels in place of regular duals, field test show 5 extra bushels of corn and 7 additional bushels of soybeans per acre with everything the same except for LSW tires.  The study was done in 2016 at Stallings Farm in Charleston, Missouri.  Back then corn was at $3.20/bushel, that is $16 more per acre, so for 1,000 acres this adds $16,000 to a farmer's bottom line.  Today, at $6.60/bushel that is $33.00 more per acre or $33,000 per 1,000 acres.  Now you see why TWI needs to significantly increase production and the great news is these new tires and wheels carry strong margins for Titan.

"By the way, the big infrastructure bill signed by President Biden is a waiting game because the government will decide who gets the funds on the projects.  My guess is that it will be late 2023 or mid-2024 before things start to move.  I believe that could either super-charge Titan's business, or, at the very least, help continue our business at the current levels.  It's all good news as I see it.

"I had lunch this past week with some investors who own both TWI stock and our bonds. One of the gentlemen is a seasoned investor (which means he is an old guy like me) who taught me something about investing that I didn't know.  He explained how a small cap company like TWI needs to more than ever prove to investors why we will continue to deliver over the coming years. For over 50 years, I have lived through every up and down cycle, so what is different today?  Well, I have never lived through a tsunami of momentum like what is happening now in the agriculture business.  Corn, soybeans, cotton and wheat are all pushing high prices and inventories are low for all of them.  New farm equipment is on a one year wait and late model used equipment is not available right now.  That suggests demand for 2022 is locked-up and 2023 looks like it'll be great as well.  Does anyone think going into 2024, we are going into a slowdown – no way!  The seasoned investor looked at me and said 'I got it'!  We ended our conversation on this topic by agreeing that TWI has a good run ahead of us, given how all these market circumstances have come together at once.  This is why we will continue to tell our story and explain why we believe TWI is a good investment. 

"Titan's fourth quarter earnings will be released in early March and you should expect to see continued strong trends as seen the first three quarters of 2021.  I believe the outlook that Paul and David Martin will outline for the business in 2022 will come as good news for Titan's shareholders.  As someone who has over 50 years' experience in this business, it is very rewarding to see a new team come together and build on what was there.  There is one thing you can always count on in the future -- we will all need food!  That's my two cents!"

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. These risk factors include, but are 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; availability and price of raw materials; and levels of operating efficiencies.  Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, especially 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


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