TITAN INTERNATIONAL ENTERS INTO GLOBAL LONG-TERM AGREEMENT WITH CNH INDUSTRIAL

Rhea-AI Summary

Titan International (NYSE: TWI) has announced a three-year agreement with CNH Industrial (NYSE: CNHI) to supply farm wheels and tires, which is valued at approximately $400 million. This contract will involve manufacturing in Titan's North America, South America, and European plants. CEO Paul Reitz emphasized the significance of the long-standing relationship between Titan and CNH, highlighting the intention to deliver innovative products for diverse applications globally.

Positive

• Three-year supply agreement with CNH Industrial valued at approximately $400 million.
• Strengthening of long-term relationship with a key partner in the agricultural sector.
• Manufacturing will utilize Titan's facilities in North America, South America, and Europe.

Negative

• None.

WEST CHICAGO, Ill., March 24, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") and  CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) ("CNH") have entered into a three-year agreement to supply farm wheels and tires manufactured in Titan's North America, South America and European plants to various CNH Industrial manufacturing locations.  The value of the contract considering today's dollars and current raw material pricing levels, is expected to approximate $400 million.

Paul Reitz, President and Chief Executive Officer commented, "We are pleased to enter into this agreement to work closely with CNH around the globe to provide them with our quality, innovative products that are proven to perform well in diverse applications.  We have had a strong, long-standing relationship with CNH and we are glad to strengthen it further with this long-term agreement."

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" and other similar expressions are intended to identify forward-looking statements. 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. These risk factors include, but are not limited to the effect of the availability and price of raw materials. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. 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, except as required by law.

About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products.  Headquartered in West Chicago, 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.

About CNH Industrial: (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its five core Brands: Case IH, New Holland Agriculture and STEYR, supplying 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment delivering a full lineup of construction products that make the industry more productive. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial's 35,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world. For more information and the latest financial and sustainability reports visit: cnhindustrial.com

 

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SOURCE Titan International, Inc.

FAQ

What is the value of Titan International's new agreement with CNH Industrial?

The agreement is valued at approximately $400 million.

How long is the agreement between Titan International and CNH Industrial?

The agreement is a three-year contract.

What products will Titan International supply to CNH Industrial?

Titan will supply farm wheels and tires.

When was the agreement between Titan International and CNH Industrial announced?

The agreement was announced on March 24, 2022.