8-K
TITAN INTERNATIONAL INC (TWI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 3, 2020
TITAN INTERNATIONAL, INC.
(Exact name of Registrant as specified in its Charter)
| Delaware | 1-12936 | 36-3228472 |
|---|---|---|
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2701 Spruce Street, Quincy, IL 62301
(Address of principal executive offices, including Zip Code)
(217) 228-6011
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol | Name of each exchange on which registered |
|---|---|---|
| Common stock, $0.0001 par value | TWI | New York Stock Exchange |
Item 7.01 Regulation FD Disclosure
On December 2, 2020, Titan International, Inc. issued a press release reporting the sale of the Brownsville, Texas facility. A copy of the press release is furnished herewith as Exhibit 99.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99Press release dated Decemberbrownsvillesalepressre.htm2,brownsvillesalepressre.htm2020, announcing the sale of the Brownsville, Texas facility.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TITAN INTERNATIONAL, INC. | |||
|---|---|---|---|
| (Registrant) | |||
| Date: | December 3, 2020 | By: | /s/ DAVID A MARTIN |
| --- | --- | --- | --- |
| David A. Martin | |||
| SVP and Chief Financial Officer |
Document
News Release from Titan International, Inc. NYSE: TWI
FOR IMMEDIATE RELEASE
December 2, 2020
Contact: Todd Shoot
SVP, Investor Relations / Treasurer (217) 221-4416
TITAN INTERNATIONAL, INC. ANNOUNCES
SALE OF BROWNSVILLE, TEXAS FACILITY
QUINCY, Ill.— Titan International, Inc. (NYSE: TWI) today announced the completion of the sale of its Brownsville, Texas facility. The sale was completed in November to an affiliate of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, Wisconsin.
Originally built in 1997 for tire manufacturing, the plant totals approximately one million square feet on 108 acres. Titan ended production of tires in 2003 and most recently the facility has been leased to multiple tenants.
“We have highlighted the sale of non-core assets as an important initiative throughout 2020 and the sale of this facility was certainly a part of that process,” stated Paul Reitz, President and Chief Executive Officer. “This sale, along with the completion of other smaller transactions, will put us within the $16 - $20 million range for non-core asset sales expected to be completed during the fourth quarter as highlighted during our most recent earnings release. This transaction further strengthens our balance sheet and helps position us for future growth as we continue to see higher demand levels for our products heading into 2021.”
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers
2701 SPRUCE STREET • QUINCY, ILLINOIS 62301 • (217) 228-6011
(OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
-END-
2701 SPRUCE STREET • QUINCY, ILLINOIS 62301 • (217) 228-6011