QUINCY, Ill., March 6, 2017 /PRNewswire/ -- Titan
International, Inc. (NYSE: TWI) announced today that the U.S.
Department of Commerce ("DOC") released on March 2, 2017 countervailing duty ("CVD") orders
on imports of off-the-road ("OTR") tires from India and Sri
Lanka and an anti-dumping duty order on such tires from
India (with the exception of
imports from one company). The three orders have been
published in the Federal Register.
The DOC's issuance of these orders is the last step in the
investigations that started early last year following the filing of
petitions from Titan and the United Steelworkers ("USW") in January
2016. In February the U.S. International Trade Commission
("USITC") determined, by unanimous vote, that the domestic industry
producing certain OTR tires was materially injured by reason of
subsidized imports from India and
Sri Lanka and "dumped" imports
from India. The Federal Register notice of the USITC's final
injury determination was published on February 28, 2017. All imports from
India and Sri Lanka of certain OTR tires are covered by
the CVD orders and all imports from India of such
OTR tires, other than imports from Balkrishna Industries Ltd.
("BKT"), are also covered by the anti-dumping order.
Following the USITC's February 28,
2017 determination, importers of products covered by the
DOC's CVD orders are required to post cash deposits equal to the
CVD amounts identified in the CVD orders.
Maurice Taylor, Titan's Chairman,
remarked that, "We thank the government agencies for their
diligence throughout the investigations. On behalf of our
shareholders and workers, we are pleased that the U.S. government's
investigations have confirmed that our industry has been materially
injured by certain imports from India and Sri
Lanka that were found to have been subsidized and/or
dumped. Imposition of the orders is an important step in
restoring conditions of fair trade. We believe that the level
of subsidization may be larger than was found in the original
investigation, and we plan to monitor developments in both
countries to evaluate whether the full measure of unfair trade is
offset through the issuance of the orders and any subsequent
administrative reviews.
"Titan has been fighting for years to safeguard the rights of
U.S. producers of certain OTR tires and their workers to conditions
of fair trade. These recently issued orders on imports from
India and Sri Lanka are another important step in that
process. If the President adds additional tariffs on OTR tires, as
he has said, this will further assist in the fight for fair
trade."
The orders cover OTR tires for agriculture, industrial,
construction, and mining applications. They cover OTR tires
whether they enter the U.S. mounted on wheels or unmounted, though
only the tire is covered.
Company description: Titan International, Inc., a
holding company, owns subsidiaries that supply wheels, tires,
assemblies and undercarriage products for off-highway equipment
used in agricultural, earthmoving/construction and consumer
applications. For more information, visit
www.titan-intl.com.
Safe harbor statement: This press release contains
forward-looking statements, which statements are covered by the
"Safe Harbor for Forward-Looking Statements" provided by the
Private Securities Litigation Reform Act of 1995. The words
"believe," "expect," "anticipate," "plan," "would," "could,"
"outlook," "potential," "may," "will" and other similar expressions
are intended to identify forward-looking statements, which are
generally not historical in nature. These forward-looking
statements are based on our current expectations and beliefs
concerning future developments and their potential effect on us.
Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, these
assumptions are subject to significant risks and uncertainties, and
are subject to change based on various factors, some of which are
beyond Titan International, Inc.'s control. As a result, any
of these assumptions could prove to be inaccurate and the
forward-looking statements based on these assumptions could be
incorrect. The matters discussed in these forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results and trends to differ materially
from those made, projected or implied in or by the forward-looking
statements depending on a variety of uncertainties or other factors
including, but not limited to risks detailed in Titan
International, Inc.'s periodic reports filed with the Securities
and Exchange Commission, including the annual report on Form 10-K
for the year ended December 31, 2015.
These forward-looking statements are made only as of the date
hereof. The Company cautions that any forward-looking
statements included in this press release are subject to several
risks and uncertainties and the Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, changed circumstances or future
events or for any other reason.
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SOURCE Titan International, Inc.