QUINCY, Ill., Dec. 11, 2017 /PRNewswire/ -- Titan
International, Inc. (NYSE: TWI) ("Titan" or the "Company") today
announced that Paul G. Reitz,
Titan's President and Chief Executive Officer, was appointed to the
Company's Board of Directors ("Board") effective December 5, 2017. This appointment brings
the number of directors to eight in accordance with the Company's
By-laws. Mr. Reitz's term expires at Titan's 2018 Annual
Meeting of Stockholders.
Maurice Taylor, Chairman,
commented, "Paul's leadership and vision have been well
demonstrated since he joined Titan. These strengths along
with his background and knowledge of our business will make him an
excellent board member."
Mr. Reitz, who is 45 years old, joined the Company in
July 2010 as Chief Financial Officer.
He was promoted to President in February
2014 and to Chief Executive Officer in January 2017.
Prior to joining Titan, he was the Chief Accounting Officer for
Carmike Cinemas based in Columbus,
GA. Mr. Reitz has also held leadership positions with
McLeodUSA Publishing, Yellow Book USA Inc., and Deloitte and Touche LLP. He has
a Master's of Business Administration Degree from the University of Iowa and a Bachelor of Business
Administration Degree from Northwood
University.
In addition to the appointment of Mr. Reitz, the Board also
approved the Company's 2018 strategic and operational plan.
"Last week, we held our annual year-end Board of Directors
meeting where management presented our 2018 strategic and
operational plan," commented Mr. Reitz, Titan's President and Chief
Executive Officer. "After working hard to manage our way
through three years of a cyclical downturn and then post three
consecutive quarters of revenue growth this year, it was great to
be able to present to our Board a 2018 plan that continues to
reflect growth across all of our business units. The revenue
growth in our 2018 plan is consistent with the outlook we announced
in November 2017 of net sales growing
in the range of 7 percent to 12 percent. Along with our plans
for continuing sales growth, we discussed with the Board how we're
planning to make improvements to our margins in 2018. We
continue to expect gross profit improvement between 25 percent and
40 percent and to increase EBITDA in the 50 percent to 100 percent
range during 2018. Our 2018 plan also focuses on reducing
SG&A/R&D to the 10.0 percent to 10.5 percent range while we
also closely monitor our cash management and working capital.
During 2017, we have invested in working capital to support our
sales growth; however, we don't expect the need to invest at these
same levels to support our 2018 growth plan. Our diligent
focus on capital expenditure return on investment should continue
to enable us to keep 2018 capital expenditure investment in the
range of $35 million to $45 million, a level less than annual
depreciation. As we round the corner into 2018, we believe
that Titan is well positioned to continue on a positive trend and
our 2018 plan as approved by our Board supports that belief."
Safe harbor statement:
This press release contains
forward-looking statements. These forward-looking 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," "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, the effect of a recession on the
Company and its customers and suppliers; changes in the Company's
end-user markets into which the Company sells its products as a
result of world economic or regulatory influences or otherwise;
changes in the marketplace, including new products and pricing
changes by the Company's competitors; unfavorable outcomes of legal
proceedings; availability and price of raw materials; levels of
operating efficiencies; the effects of the Company's indebtedness
and its compliance with the terms thereof; actions of domestic and
foreign governments; geopolitical and economic uncertainties
relating to the countries in which the Company operates or does
business; risks associated with acquisitions, including difficulty
in integrating operations and personnel, disruption of ongoing
business, and increased expenses; fluctuations in currency
translations; risks associated with environmental laws and
regulations; risks relating to financial reporting, internal
controls, tax accounting, and information systems; and the other
risks and factors detailed in the Company's periodic reports filed
with the Securities and Exchange Commission, including the
disclosures under "Risk Factors" in those reports. 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 a number of 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.