QUINCY, Ill. (Aug. 11, 2006) — With the acquisition of two tire manufacturing facilities in 2006, Titan International Inc. plans to build on its growth for 2007 and integrate its subsidiaries, the company announced today.
Over the next 18 months, Titan will reorganize its Freeport, Ill., and Bryan, Ohio, facilities to obtain maximum synergies, the Quincy-based tire and wheel maker said. Titan acquired Goodyear's North American farm tire manufacturing facility in Freeport in December and Continental Tire North America Inc.'s off-the-road facility in Bryan on July 31.
The Titan Tire Corp. facilities in Des Moines, Iowa, and Freeport will gain added sales volume through the addition of the Bryan facility in order to expand Titan's new OTR mining tire business, the company said.
Yearly estimated sales for the Freeport and Bryan facilities—$215 million and $125 million, respectively—will add a combined $340 million in sales for Titan. Compared to Titan's year-end 2005 of $470 million in sales, the growth is more than 70 percent in eight months.
“For 2006, I have set management objectives for my staff at $720 million to 735 million in sales and an earnings before interest, taxes, depreciation and amortization range of $75 million to 80 million,” said Maurice Taylor Jr., Titan chairman and CEO. “Looking ahead to 2007, I have increased management objectives to $800 million to 825 million and an EBITDA range of $105 million to 115 million.”
Titan also will continue to push for the disposal of remaining idled assets, including tire plants in Brownsville, Texas, and Natchez, Miss.