Titan International, Inc., together with its subsidiaries (Titan) is 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 t...
Titan International, Inc., together with its subsidiaries (Titan) is 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.
Segments
Titan designs and manufactures products for OEMs and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets.
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 under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom 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 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, turf, and have 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 serve its customers' needs through product innovation and quality service in the company's key markets: agriculture, earthmoving/construction, and consumer.
The company has developed an LSW tire technology, featuring a larger rim diameter and a smaller sidewall than standard tires. The company has concentrated on increasing Titan's presence in the tire aftermarket, which historically has been somewhat less cyclical than the OEM market. The company regularly works to improve the operating efficiency of assets and manufacturing facilities. Titan directs its business and marketing strategy to understand and address the needs of customers and demonstrate the advantages of products. In particular, the company often collaborates with customers in the design of new and enhanced products and recommends modified products to customers based on its own market information. 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 has made significant progress on the environmental, social and governance (ESG) areas by creating and updating various policies, preparing new forms of monitoring, and expanding disclosure of data regarding operations.
Operations
Titan's operations include manufacturing wheels, manufacturing tires, combining these wheels and tires into assemblies, and manufacturing undercarriage systems and components for use in the agricultural, earthmoving/construction, and consumer markets. These operations entail many manufacturing processes in order to complete the finished products.
Research, Development, and Engineering
The company's research and development costs were $12.5 million for the year ended December 31, 2023.
Patents, Trademarks, and Royalties
The company owns various patents. The company owns various national and international trademarks and trademark registrations. The Company has royalty-bearing trademark license agreements with The Goodyear Tire & Rubber Company (Goodyear) to manufacture and sell certain tires under the Goodyear name. The licenses for farm tires cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. These licenses expire in 2025. The company and Goodyear are negotiating to amend the farm tire licenses to include the countries of Australia and New Zealand. The company also has a trademark license and knowhow license with Goodyear to manufacture and sell certain non-farm tire products in Mexico, Uruguay, and Brazil. These licenses expire in 2025. The countries of Bolivia and Paraguay were deleted from the original non-farm tire licenses.
Customers
Titan's 10 largest customers accounted for 40% of net sales for the year ended December 31, 2023. Net sales to Deere & Company in Titan's agricultural, earthmoving/construction, and consumer segments combined represented 13% of the company's consolidated net sales for the year ended December 31, 2023.
The company's top customers, including global leaders in agricultural and construction equipment manufacturing, have been purchasing products from Titan or its predecessors for numerous years. 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.
International Operations
The company operates manufacturing facilities outside of the United States in Latin America, Europe and Russia.
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 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
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 31, 2023) 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.
History
Titan International, Inc. was founded in 1890. The company was incorporated in 1983.