In it's 10-K formed filed on Feb. 27, Titan International acknowledged its limited customer base as one of the company's risk factors, including that sales to John Deere made up 15% of its 2022 sales.

The filing stated the following on the subject:

The Company’s ten largest customers, which are primarily original equipment manufacturers (OEMs), accounted for 43%, 40%, and 35% of Titan’s net sales for 2022, 2021, and 2020, respectively. Net sales to Deere & Company represented 15%, 12%, and 11% of Titan’s net sales for 2022, 2021, and 2020 respectively. No other customer accounted for 10% or more of Titan's net sales in 2022, 2021, or 2020. Titan’s business could be adversely affected if one of its larger customers reduces, or otherwise eliminates in full, its purchases from Titan due to work stoppages or slow-downs, financial difficulties, as a result of termination provisions, competitive pricing, or other reasons.

There is also continuing pressure from OEMs to reduce costs, including the cost of products and services purchased from outside suppliers such as Titan, and in that regard OEMs may develop in-house tire and wheel capabilities.

Titan International's 2022 net sales totaled $2,169.4 million, meaning net sales to Deere totaled $325.4 million.

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