Titan sets sales and earnings goals, outlines manufacturing strategy for 2007
Titan International Inc. is setting a number of goals for 2007. At the top of the list: sales of $800 million to $825 million, says Titan Chairman and CEO Morry Taylor.
Titan also is targeting earnings (before interest, taxes, depreciation and amortization) of $105 million to $155 million.
In addition, Titan plans to reorganize its Freeport, Ill., and Bryan, Ohio, plants -- both acquired this past year -- "to obtain maximum synergies," according to Titan officials.
Titan's factories in Freeport and Des Moines, Iowa, "will gain added sales volume through the addition of the Bryan facility in order to expand Titan's new OTR mining business."
The Bryan plant can produce 300 OTR tires a day at full capacity, according to Modern Tire Dealer reseach. Titan finalized its purchase from former owner Continental Tire North America Inc. on July 31.
"With the Bryan acquisition, Titan will sell General branded large mining tires paired with Titan wheels. The Bryan acquisition now gives Titan the ability to boost its production of OTR tires by at least 30% over the next 12 months.
Titan officials also report that the company's budgeted capital for 2006 has not been spent.
"Titan will be placing orders for approximately $8 million in new equipment for 2007 delivery. The company anticipates moving a large portion, $10 million to $12 million, of its idled assets to its tire factories."