QUINCY, Ill., Sept. 27, 2017 /PRNewswire/ -- Titan
International, Inc. (Titan) (NYSE: TWI) announced today that at
approximately midnight MST on
September 21, 2017, a fire broke out
at the Titan Tire Reclamation Corporation (TTRC) facility in
Fort McMurray, AB. No staff
members or others were injured. The facility contains six thermal
vacuum recovery (TVR) units, which are large, contained capsules
used to recycle large mining tires. The fire started within
one of the TVR units and was contained to a building housing three
of the TVR units. Currently, the TTRC staff are working with
affected customers to minimize the impact to their respective
businesses. Three other TVR units located in another building were
not affected. Titan carries both casualty and property insurance
for its facilities and equipment, as well as business interruption
insurance, and is reviewing the extent and scope of this coverage
with its insurance carriers.
Titan International, Inc. President and CEO Paul Reitz commented, "We have safety procedures
in place to avoid potential hazards, as safety is a top priority at
all of our facilities. We will continue to take actions
necessary to ensure the safety of our staff, TTRC's neighbors and
the environment. We are incredibly thankful to the first
responders who promptly attended to the situation."
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, 2016.
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.
About Titan
Titan International, Inc. (NYSE: TWI) is a
leading global manufacturer of off-highway wheels, tires,
assemblies, and undercarriage products. Headquartered in
Quincy, Illinois, the company
globally 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. For more
information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.