CHICAGO — Titan International Inc. has halted investment in its Russian operations, due to the ongoing war in Ukraine and global sanctions on Moscow, according to the tire and wheel maker's first quarter 10-Q filing with the Securities and Exchange Commission.
The facility, JSC Voltyre-Prom in Volgograd in southwest Russia, is operating at lower levels in compliance with international sanctions on Russia, Titan said.
Tires produced there are sold primarily into countries affiliated with the Commonwealth of Independent States trading bloc, located throughout Europe and Asia.
Subscribe to Tire Business for more award-winning news and insight.
Titan stressed that neither this operation, nor any other Titan operations, sells any products to the Russian military or other government agencies.
At the same time, Titan, however, said it remained committed to the role it plays in keeping the food and essential goods moving, including through its tire operation in Volgograd, which represented roughly 6% of consolidated global sales for Titan last year. That figure dropped to 5% in the quarter ended March 31.
The US manufacturer declined to provide an estimate of what the potential impact of bans, sanctions, and boycotts would be on its business.
Titan has been an owner of Voltyre Prom since mid-2013, when it acquired a minority ownership stake. Since then it's acquired more shares and now is the majority owner with a 64.3% stake.