QUINCY, Ill.Titan International Inc. is trimming its work force by about 200 at its six U.S. plants after suffering double-digit drops in earnings in the first quarter and facing a similar possibility in the second period.
Bigger work force cuts likely will come overseas, where about 800 are expected to be laid off beginning in the third quarter, Chairman and CEO Maurice
Taylor Jr. said.
It is taking longer to reduce its staff at the overseas factories because notice is required, which means the whole process takes about three months, he said.
Almost nonexistent mining tire sales was given as the chief reason for the downturn in Titan's sales and earnings in the first two quarters, followed by a drop in the farm and construction businesses. Farm and construction tire and wheel sales are expected to improve as 2014 progresses, Mr. Taylor said, but he doesn't expect improvement in the mining industry this year.