Titan International, Inc. TWI today announced that it entered into a licensing agreement with The
Goodyear Tire & Rubber Company. The license agreement allows Titan to
distribute and sell Goodyear-brand farm tires in Europe, the Middle East,
Africa, Russia and other Commonwealth of Independent States countries, as
well as manufacture such farm tires in parts of the licensed territory
outside the European Union. In addition, Titan has purchased certain
Goodyear molds and other assets currently located in Poland, Turkey and
South Africa.
The expansion of the Goodyear-brand farm tire licensing includes more than a
hundred countries: Albania, Algeria, Andorra, Angola, Armenia, Austria,
Azerbaijan, Bahrain, Belarus, Belgium, Benin, Bosnia and Herzegovina,
Botswana, Bulgaria, Burkina Faso, Burundi, Cameroon, Cape Verde, Central
African Republic, Chad, Comoros, Croatia, Cyprus, Czech Republic, Democratic
Republic of the Congo, Denmark, Djibouti, Egypt, Equatorial Guinea, Eritrea,
Estonia, Ethiopia, Faroe Islands, Finland, France, Gabon, Gambia, Georgia,
Germany, Ghana, Gibraltar, Greece, Guernsey, Guinea, Guinea-Bissau, Hungary,
Iceland, Iran, Iraq, Ireland, Isle of Man, Israel, Italy, Ivory Coast,
Jersey, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon,
Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, Macedonia,
Madagascar, Malawi, Mali, Malta, Mauritania, Mauritius, Moldova, Monaco,
Montenegro, Morocco, Mozambique, Namibia, Netherlands, Niger, Nigeria,
Norway, Oman, Palestine, Poland, Portugal, Qatar, Romania, Russia, Rwanda,
San Marino, Sao Tome & Principe, Saudi Arabia, Senegal, Serbia, Slovakia,
Slovenia, Somalia, South Africa, Spain, Sudan, Swaziland, Sweden,
Switzerland, Syria, Tajikistan, Tanzania, Togo, Tunisia, Turkey,
Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom,
Uzbekistan, Vatican City, Western Sahara, Yemen, Zambia, Zimbabwe
(Rhodesia).
"We are very excited to expand upon our existing licensing arrangements in
North America and Latin America to now include licensing of the
Goodyear-brand farm tires in these additional, important agricultural
regions," stated Maurice M. Taylor, Chairman and CEO. "From the time when
Goodyear exited EMEA Farm Tire business in 2014, Titan has suffered the loss
of business relating to new equipment being exported from North America to
Europe. In fact, we estimate over $100 million in U.S. sales were lost.
Titan will work to get all that business back plus more, but it will take
time. This agreement puts Titan 'back in the game' and significantly
expands our footprint, market strength, and visibility with Goodyear-brand
farm tires in EMEA region.
This agreement is positive for all of our existing tire facilities as they
support production of the Goodyear-brand as well as the expansion of Titan's
LSW(R) technology to these new regions. We plan to add manufacturing of
Goodyear-brand farm tires to our facility located in Russia to go along with
our existing production in the US and Brazil. By adding production to our
Russian facility it will enable us to provide our customers with a very
competitive product offering in these new markets. This agreement will allow
Titan to add to our unique competitive advantage by offering complete tire
and wheel assemblies to meet our customers' needs within the markets we
serve.
Titan International, Inc., a holding company, owns subsidiaries that supply
wheels, tires, assemblies and undercarriage product for off-highway
equipment used in agricultural, earthmoving/construction and consumer
applications. For more information, visit www.titan-intl.com.
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