CHICAGO, Oct. 21, 2024 /PRNewswire/ — Titan Global, Inc. introduced it finished the repurchase of 8.0 million stocks of regular secure from MHR Treasure Control for $57.6 million ($7.20 in step with percentage) in money.  MHR Treasure Control is led via Mark Rachesky, who has been a member of Titan Global Inc’s Board of Administrators since 2014.

Paul Reitz, Titan’s President and Govt Officer, mentioned, “Titan’s Board of Directors was presented with an opportunity for our shareholders to repurchase 8.0 million shares (11% of outstanding shares) at $7.20 per share from MHR Fund Management. Titan’s balance sheet is in a healthy position prior to this transaction with approximately $225 million in cash and a current net debt to EBITDA ratio of 1.9 times using trailing twelve months financial results. Our Board of Directors and management team believe that the long-term prospects for Titan are strong, making this a sound investment of capital.”

The transaction was once licensed via Titan’s Board of Administrators, and not using a have an effect on at the preexisting percentage repurchase authorization, and funded the usage of a mix of availability at the Corporate’s revolving credit score facility and to be had money. 

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 5% and fuel savings up to 1/3 gallon per acre versus dual standard tire setups. Farmers are ordering new equipment with these new LSW super-singles or changing out current equipment.  It’s taken a long time to get the attention of end-users but, now it’s there. It’s really great to see Titan as the leader of wheels and tires in the world of farming and I believe the future will be good for the Company.”

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 Global, Inc. (NYSE: TWI) is a prominent world producer of off-highway wheels, tires, assemblies, and undercarriage merchandise.  Headquartered in West Chicago, Illinois, the corporate globally produces a extensive space of goods to fulfill the specs of fresh apparatus producers (OEMs) and aftermarket consumers within the agricultural, earthmoving/development, and client markets. For more info, talk over with www.titan-intl.com.

Barricade Harbor Observation

This press leave comprises forward-looking statements. Those forward-looking statements are lined via the preserve harbor for “forward-looking statements” equipped via the Personal Securities Litigation Reform Occupation of 1995. The phrases “believe,” “expect,” “anticipate,” “plan,” “would,” “could,” “potential,” “may,” “will,” and alternative indistinguishable expressions are meant to spot forward-looking statements, that are typically no longer ancient in nature. Those forward-looking statements are in response to our wave expectancies and ideology relating to life tendencies and their attainable impact on us. Despite the fact that we imagine the guesses upon which those forward-looking statements are based totally are affordable, those guesses are matter to important dangers and uncertainties, and are matter to modify in response to diverse components, a few of that are past Titan Global, Inc.’s keep watch over. Because of this, any of those guesses may just end up to be faulty and the forward-looking statements in response to those guesses might be improper. The issues mentioned in those forward-looking statements are matter to dangers, uncertainties, and alternative components that would purpose untouched effects and developments to range materially from the ones made, projected, or implied in or via the forward-looking statements relying on plenty of uncertainties or alternative components together with, however no longer restricted to, the impact of the COVID-19 pandemic on our operations and monetary efficiency; the impact of a recession at the Corporate and its consumers and providers; adjustments within the Corporate’s end-user markets into which the Corporate sells its merchandise on account of home and international financial or regulatory influences or another way; adjustments available on the market, together with fresh merchandise and pricing adjustments via the Corporate’s competition; the Corporate’s talent to guard sufficient hard work members of the family; destructive results of criminal court cases; the Corporate’s talent to agree to wave or life laws acceptable to the Corporate’s trade and the business during which it competes or any movements taken or orders issued via regulatory government; availability and worth of uncooked fabrics; ranges of running efficiencies; the consequences of the Corporate’s indebtedness and its compliance with the phrases thereof; adjustments within the rate of interest shape and their results at the Corporate’s exceptional indebtedness; destructive product legal responsibility and guaranty claims; movements of home and international governments, together with the imposition of extra price lists; geopolitical and financial uncertainties with regards to the international locations during which the Corporate operates or does trade; dangers related to acquisitions, together with issue in integrating operations and workforce, disruption of ongoing trade, and higher bills; result of investments; the consequences of attainable processes to discover diverse strategic transactions, together with attainable tendencies; fluctuations in forex translations; dangers related to environmental rules and laws; dangers with regards to our production amenities, together with that any of our subject matter amenities might change into inoperable; dangers with regards to monetary reporting, interior controls, tax accounting, and data techniques; and the alternative dangers and components evocative within the Corporate’s periodic stories filed with the Securities and Trade Fee, together with the disclosures below “Risk Factors” in the ones stories. Those forward-looking statements are made most effective as of the generation hereof. The Corporate cautions that any forward-looking statements incorporated on this press leave are matter to numerous dangers and uncertainties, and the Corporate undertakes negative legal responsibility to publicly replace or revise any forward-looking statements, whether or not on account of fresh data, modified cases or life occasions, or for any alternative reason why, apart from as required via legislation.

SOURCE Titan Global, Inc.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Virtual Media
Retailers

270k+
Reporters
Opted In