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Acquisition Adds to Titan’s First-Quarter Sales Hike

(Akron/Tire Review) Titan International is starting to see results from its purchase of Goodyear’s ag tire business, posting first-quarter 2006 net sales of $182.6 million, up 34% from the $136.1 million in sales posted in the same period last year, the company said.

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But, while the company’s earnings before taxes were up in the period – $14.3 million this year vs. $12.4 million in 2005 – Titan’s post tax net was down for the first quarter – $8.6 million this year compared to $11.2 million for 2005.

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"Titan achieved another first quarter of remarkable sales and profits. Our employees have worked hard, and it is paying off," stated Titan Chairman and CEO Morry Taylor. "Titan is growing and expanding. During the early stages, the company’s acquisition of Goodyear’s North American farm tire assets is proving to be an extremely positive addition to the Titan organization. As always, we stand willing and ready to evaluate acquisition opportunities in off-highway wheels and tires that would further strengthen Titan’s business and performance."

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