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Titan International Inc. Reports Record Q3 Revenue & Adjusted Profit

Stocks in this article: TWI

“In August, we closed on the Planet Corporation Group in Perth, Australia which gives us a strong presence in that mining region and expands our growing global footprint. The opportunities for Titan in our new Titan Mining Service business are tremendous. I believe over the next 18 months this business will really grow by bringing together the mining business from the Titan Europe acquisition. Titan’s current run rate is now greater than $2.5 billion revenue and growing.

“Titan’s Bryan OTR (mining tire) plant was the first tire facility to implement the shop floor LX computer system. We have been working on the conversion for 18 months and spent millions on computer and training. We missed the opportunity for tens of millions in sales in the third quarter from simple human reluctance to change. Employees, from management to hourly employees, do not like change and they consistently tell you ''I can do it faster manually''. So, the training aspect of the new system is stop and go and just when you think you have made progress you are back to retraining. It seems we have consultants there constantly which is very costly. We have seen much progress and now we are hopeful that the shop floor system and the capacity expansion will be in place by the end of the year.

“The Bryan facility had strong margins in the third quarter but I am not satisfied. I have set a goal for the plant to increase production by 20 percent month over month until the end of the year, with September production being the base month. If we had produced what we were supposed to this past quarter, Titan’s results would have been better than anything I ever imagined. We will solve the production problems.

“The MINExpo in Las Vegas this past September was the best I’ve been to in 40 years. I met with a great number of mine owners and they were displeased that we were behind on shipments. I offered the option to cancel their orders; however, no one was interested in doing so. The mines are adding orders and extending time. This is evidence that mining is running very strong for Titan,” stated Taylor.

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