Titan International Inc. (TWI), a global manufacturer of agricultural and other off-highway wheels, tires, assemblies, and undercarriage products, reported results for the fourth quarter and year ended Dec. 31, 2019.
Gross profit for the second quarter ended June 30, 2019, was $38.3 million, compared to $58.3 million in the comparable prior year period. Gross margin was 9.8% of net sales for the latest quarter, compared to 13.6% of net sales in the comparable prior year period.
U.S. tire and rim maker Titan International is to pay $25 million in cash and issue $25 million in shares to satisfy a settlement put option exercised by one of two fellow shareholders in Voltyre-Prom, a Russian agricultural and industrial tire operation.
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