Saturday, August 19, 2017

Titan International claims price cuts on off-road tires will be temporary

Titan International CEO Maurice Taylor Jr. recently said that the recent lowering of prices for farm and off-road tires will be short-lived.

According to Taylor, the lowered prices are a result of industrial vehicle makers' releasing tires from their own inventories into the second-hand market. Taylor said that prices for speciality tires will recover in the upcoming months, RubberNews.com reports.

"We feel that this is a bump in the road as we have experienced this in the past," Taylor said, according to RubberNews.com.

Taylor's estimates put the current value of farm and off-road tires down by millions of dollars compared to their values at the end of 2012.

Along with the remarks of its CEO regarding tire values, Titan published a statement confirming that it is currently in negotiations with Russian tire producer JSC Cordiant regarding the prospective acquisition of Cordiant's production facility in Yekaterinburg, RubberNews.com reports.

"We are still moving ahead on the acquisition trail and expect a number of these transactions to close before the end of this year," Taylor said, according to RubberNews.com.