Titan International, Inc. Repurchases 8.0 Million Shares from MHR Fund Management
Titan International, Inc. (NYSE: TWI) has repurchased 8.0 million shares of common stock from MHR Fund Management for $57.6 million ($7.20 per share) in cash. This represents 11% of outstanding shares. The company's balance sheet remains healthy with approximately $225 million in cash and a current net debt to EBITDA ratio of 1.9 times.
CEO Paul Reitz stated that the Board of Directors and management team believe in Titan's strong long-term prospects. The transaction was funded using a combination of the company's revolving credit facility and available cash. Chairman Maurice Taylor, Jr. expressed optimism about Titan's future, highlighting the company's leadership in wheels and tires for farming and potential opportunities with the US Army.
Titan International, Inc. (NYSE: TWI) ha riacquistato 8,0 milioni di azioni ordinarie da MHR Fund Management per 57,6 milioni di dollari (7,20 dollari per azione) in contanti. Questo rappresenta l'11% delle azioni in circolazione. Il bilancio dell'azienda rimane solido con circa 225 milioni di dollari in contanti e un attuale rapporto debito netto su EBITDA di 1,9 volte.
Il CEO Paul Reitz ha dichiarato che il Consiglio di Amministrazione e il team di gestione credono nelle forti prospettive a lungo termine di Titan. La transazione è stata finanziata utilizzando una combinazione della linea di credito revolving dell'azienda e di contante disponibile. Il presidente Maurice Taylor, Jr. ha espresso ottimismo riguardo al futuro di Titan, evidenziando la sua leadership nel settore delle ruote e pneumatici per l'agricoltura e le potenziali opportunità con l'Esercito degli Stati Uniti.
Titan International, Inc. (NYSE: TWI) ha recomprado 8,0 millones de acciones ordinarias de MHR Fund Management por 57,6 millones de dólares (7,20 dólares por acción) en efectivo. Esto representa el 11% de las acciones en circulación. El balance de la compañía se mantiene saludable con aproximadamente 225 millones de dólares en efectivo y un actual ratio de deuda neta a EBITDA de 1,9 veces.
El CEO Paul Reitz declaró que la Junta Directiva y el equipo de gestión creen en las fuertes perspectivas a largo plazo de Titan. La transacción se financió utilizando una combinación de la línea de crédito revolvente de la empresa y efectivo disponible. El presidente Maurice Taylor, Jr. expresó optimismo sobre el futuro de Titan, destacando la liderazgo de la compañía en ruedas y neumáticos para la agricultura y las oportunidades potenciales con el Ejército de EE. UU.
타이탄 인터내셔널(Titan International, Inc.) (NYSE: TWI)는 MHR 펀드 매니지먼트로부터 800만 주의 보통주를 재매입하였으며, 5760만 달러(주당 7.20달러)의 현금으로 거래를 진행했습니다. 이는 유통 주식의 11%를 차지합니다. 회사의 대차대조표는 약 2억 2500만 달러의 현금으로 건전한 상태이며, 현재 순 부채 대비 EBITDA 비율은 1.9배입니다.
CEO 폴 리츠(Paul Reitz)는 이사회와 경영팀이 타이탄의 강력한 장기 전망을 믿고 있다고 밝혔습니다. 이번 거래는 회사의 회전 신용 시설과 사용 가능한 현금을 조합하여 자금을 조달했습니다. 회장 모리스 테일러 주니어(Maurice Taylor, Jr.)는 타이탄의 미래에 대해 낙관적인 입장을 보이며, 농업용 바퀴 및 타이어 분야에서의 회사의 리더십과 미 육군과의 잠재적 기회에 주목했습니다.
Titan International, Inc. (NYSE: TWI) a réacheté 8,0 millions d'actions ordinaires auprès de MHR Fund Management pour 57,6 millions de dollars (7,20 dollars par action) en espèces. Cela représente 11 % des actions en circulation. Le bilan de l'entreprise reste sain avec environ 225 millions de dollars en espèces et un ratio actuel de dette nette à EBITDA de 1,9 fois.
Le PDG Paul Reitz a déclaré que le Conseil d'Administration et l'équipe de direction croient aux solides perspectives à long terme de Titan. La transaction a été financée grâce à une combinaison de la facilité de crédit renouvelable de l'entreprise et des liquidités disponibles. Le président Maurice Taylor, Jr. a exprimé son optimisme quant à l'avenir de Titan, mettant en avant le leadership de l'entreprise dans les roues et pneus pour l'agriculture et les opportunités potentielles avec l'Armée américaine.
Titan International, Inc. (NYSE: TWI) hat 8,0 Millionen Aktien des Stammkapitals von MHR Fund Management für 57,6 Millionen Dollar (7,20 Dollar pro Aktie) in bar zurückgekauft. Dies entspricht 11% der ausstehenden Aktien. Die Bilanz des Unternehmens bleibt gesund mit ca. 225 Millionen Dollar in bar und einem aktuellen Verhältnis von Nettoverschuldung zu EBITDA von 1,9-fach.
CEO Paul Reitz erklärte, dass der Vorstand und das Managementteam an die starken langfristigen Aussichten von Titan glauben. Die Transaktion wurde mit einer Kombination aus der revolvierenden Kreditlinie des Unternehmens und verfügbaren Barmitteln finanziert. Vorsitzender Maurice Taylor, Jr. äußerte Optimismus über die Zukunft von Titan und hob die Führungsrolle des Unternehmens bei Rädern und Reifen für die Landwirtschaft sowie die potenziellen Chancen mit der US-Armee hervor.
- Repurchased 11% of outstanding shares, potentially increasing value for remaining shareholders
- Healthy balance sheet with $225 million in cash and 1.9x net debt to EBITDA ratio
- Strong long-term prospects according to management
- Leadership position in wheels and tires for farming industry
- Potential new business opportunity with US Army for newly-designed trucks
- Significant cash outlay of $57.6 million for share repurchase
- Increased use of revolving credit facility to fund the transaction
Insights
Paul Reitz, Titan's President and Chief Executive Officer, stated, "Titan's Board of Directors was presented with an opportunity for our shareholders to repurchase 8.0 million shares (
The transaction was approved by Titan's Board of Directors, with no impact on the preexisting share repurchase authorization, and funded using a combination of availability on the Company's revolving credit facility and available cash.
Titan Chairman Maurice Taylor, Jr. added "In my 50 plus years in the business, I never have seen a better future for Titan. Paul Reitz and his team are setting Titan up to grow. No other company in the world has the range and manufacturing capacity of wheels and tires that Titan does. The test of super-sized Titan LSW single wheels and tires has proven that crop yields increased around
Taylor concluded "The US Army has used super-singles on trucks for over 15 years, and Titan will soon be building wheels and tires in the LSW design for them to test. The Army is looking at newly-designed trucks, with production levels of 100,000 over ten years. That is a significant amount of wheels and tires, and I'm excited about the opportunity that presents for Titan!"
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in
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 the COVID-19 pandemic on our operations and financial performance; 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 domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; 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; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; 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, except as required by law.
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SOURCE Titan International, Inc.
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