About Titan International

Titan International, Inc. and its subsidiaries (Titan) operate as a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe. As a leading manufacturer in the off-highway industry, Titan produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom Tire brands; and has complete research and development facilities to validate tire and wheel designs. Titan designs and manufactures products for OEMs and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Business Segments The company operates through Agricultural, Earthmoving/Construction, and Consumer segments. Agricultural Titan’s agricultural wheels, tires, and components are manufactured for use on various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment, and are sold directly to OEMs and to the aftermarket through independent distributors, equipment dealers, and Titan’s distribution centers. The wheels range in diameter from nine inches to 54 inches, with the 54-inch diameter being the largest agricultural wheel manufactured in North America. Basic configurations are combined with distinct variations (such as different centers and a wide range of material thickness) allowing the company to offer a broad line of products to meet customer specifications. Titan’s agricultural tires range from approximately one foot to approximately seven feet in outside diameter and from five inches to 55 inches in width. Agricultural tires are offered in Titan, Goodyear, and Votyre brands with a full portfolio of sizes, load carrying capabilities, and tread patterns necessary for the markets served. The company offers the added value of delivering a complete wheel and tire assembly to OEM and aftermarket customers. Earthmoving/Construction The company manufactures wheels, tires, and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military, construction, and forestry equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels, and hydraulic excavators. The company provides OEM and aftermarket customers with a broad range of earthmoving/construction wheels ranging in diameter from 15 to 63 inches and in weight from 125 pounds to 7,000 pounds. The 63-inch diameter wheel is the largest manufactured for the global earthmoving/construction market. Titan’s earthmoving/construction tires are offered in the Titan brand and range from approximately three feet to approximately 13 feet in outside diameter and in weight from 50 pounds to 12,500 pounds. Earthmoving/construction tires offered by Titan serve virtually every off-road application in the industry with some of the highest load requirements in the most severe applications. The company also offers the added value of wheel and tire assembly for certain applications in the Earthmoving/Construction segment. Consumer Titan manufactures bias truck tires in Latin America and light truck tires in Russia. Titan also offers select products for ATVs, side-by-sides, rock climbers, and turf; and has recently expanded the company’s offering into the lawn and garden segment with a major OE customer. This segment also includes sales that do not readily fall into the company's other segments, such as custom rubber stock mixing sales to a variety of OEMs in tangential industries. Business Strategy The company is the worldwide leader in manufacturing and distribution of wheels, tires, assemblies and undercarriage products; and serves the company’s customers' needs through product innovation and quality service in the company's key markets, such as agriculture, earthmoving/construction, and consumer. Other strategic considerations include Tire Technology, Increase Aftermarket Tire Business, Enhance Design Capabilities and New Product Development, and Reduction of Non-Core Assets and Other Strategic Considerations. In March 2022, the company sold Australian wheel business to OTR Tyres. The company’s expertise in the manufacture of off-highway wheels, tires, and undercarriage systems and components has permitted it to take advantage of opportunities to acquire businesses that complement this product line. The company continually explores worldwide opportunities to expand its manufacturing and distribution capabilities in order to serve new and existing geographies. International Operations The company operates manufacturing facilities in Latin America, Europe, and Russia. Research, Development, and Engineering The company’s research and development (R&D) expenses were $10.4 million for the year ended December 31, 2022. Patents and Trademarks The company owns various trademarks and has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear name. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. The company also has a trademark license agreement with Goodyear to manufacture and sell certain non-farm tire products in Latin America under the Goodyear name. The trademark license between the company and The Goodyear Tire & Rubber Company, relating to the manufacture and sale of bias truck tires in Brazil, Mexico, Paraguay and Uruguay, was extended through December 31, 2022, and the country of Bolivia was deleted from that license. Customers Net sales to Deere & Company in Titan's Agricultural, Earthmoving/Construction, and Consumer segments combined represented 15% of the company's consolidated revenues for the year ended December 31, 2022. Customers, including AGCO Corporation, Caterpillar Inc., CNH Global N.V., Deere & Company, Hitachi, Ltd., Kubota Corporation, Liebherr, and Volvo, have helped sustain Titan’s market leading position in wheel, tire, assembly, and undercarriage products. Marketing and Distribution The company employs an internal sales force and utilizes several manufacturing representative firms for sales in North America, Europe, Latin America, the Commonwealth of Independent States (CIS) region, and other worldwide locations. Sales representatives are primarily organized within geographic regions. Titan distributes wheels, tires, assemblies, and undercarriage systems directly to OEMs. The distribution of aftermarket tires occurs primarily through a network of independent and OEM-affiliated dealers. Seasonality Agricultural equipment sales are seasonal by nature. Farmers generally order equipment to be delivered before the growing season. Shipments to OEMs in the agricultural industry in the U.S. and Europe usually peak during the company’s first and second quarters (year ended December 2022) for the spring planting period, while shipments in Latin America usually peak during the company's second and third quarters for the fall planting period. Earthmoving/Construction and Consumer segments have historically experienced higher demand in the first and second quarters. These segments are affected by mining, building, economic conditions and various global commodity prices. History Titan International, Inc. was founded in 1890. The company was incorporated in 1983.