Titan International Inc. reported a net loss of $34.8 million in 2001 as sales fell fell 15.7 percent to $457.5 million.
A year ago, Titan posted net income of $4.5 million, although this total included a $24 million after-tax gain related to the sale of certain assets, the company said.
For the fourth quarter, the Quincy-based tire and wheel maker posted a net loss of $21.5 million compared with a loss of $8 million in last year's corresponding period. Sales during the quarter dropped 11.3 percent to $100.6 million.
``As reflected in our financial results, 2001 was clearly a difficult year for Titan, as it was for many manufacturers,'' said Maurice Taylor Jr., Titan president and CEO. He added that Titan in 2001 settled a 39-month labor strike in Natchez, Miss., and a 40-month strike in Des Moines, Iowa, which negatively impacted the company.
``As a result of our innovative business approach,'' he added, ``Titan received approval to offer agricultural and construction wheels and tires through CNH's network of Case, Case IH and New Holland equipment dealerships. Initiatives such as this will assist in providing the resources for Titan to stage a financial recovery in 2002.''