QUINCY, Ill.—The divestiture of two non-core businesses— Automation International and Tractech—adversely impacted Titan Wheel International Inc.'s fourth quarter net sales and net income. For the quarter ended Dec. 31, the company's earnings dropped 52 percent to $4.68 million. Sales, however, slid 8.7 percent to $144.6 million, compared to last year's period, the company said.
For the full year, Titan's sales rose 1.8 percent to $634.6 million. Net income dropped 6.9 percent to $35.4 million.
In December, Titan completed the acquisition of the French wheel company, Delachaux, which initially will conduct business under the name Titan Delachaux.
The company has two wheel and rim plants for the European off-highway market, according to Titan.
"Our French acquisition is another example of Titan's goal to provide comprehensive service for our customers abroad, in addition to North America," said Titan President and CEO Maurice Taylor Jr.
"Titan and our shareholders can look forward to an exciting year in 1997 as we sharpen our focus on our core markets of off-highway tires and wheels and target further global expansion," he continued.