QUINCY, Ill. (Dec. 18, 2004) — Titan International Inc.´s Titan Wheel Corp. of Illinois subsidiary has issued a record winter bonus of about $2,500 on average to each of about 1,000 employees, the tire and wheel maker announced Dec. 16.
The approximate total figure of $2.5 million, combined with a similar summer bonus distributed in June, means Titan paid its Titan Wheel of Illinois employees about $5 million in 2004.
"Our employees deserve a special thanks for the tremendous job they´ve done during the past year," said Maurice Taylor Jr., Titan president and CEO. "This is a welcome change from all the negative talk about the state of American manufacturing."
Each employee received $200 of the bonus in Sacajawea golden dollars, Mr. Taylor said.
Quincy-based Titan reported net earnings of $12.4 million on corporate sales of $404.7 million through nine months of fiscal 2004, compared with a net loss of $27.4 million on sales of $371.2 million through the same 2003 period.