WEST
CHICAGO, Ill., March 24,
2022 /PRNewswire/ -- Titan International, Inc. (NYSE:
TWI) ("Titan" or "TWI") and CNH Industrial N.V. (NYSE: CNHI /
MI: CNHI) ("CNH") have entered into a three-year agreement to
supply farm wheels and tires manufactured in Titan's North America, South
America and European plants to various CNH Industrial
manufacturing locations. The value of the contract
considering today's dollars and current raw material pricing
levels, is expected to approximate $400
million.
Paul Reitz, President and Chief
Executive Officer commented, "We are pleased to enter into this
agreement to work closely with CNH around the globe to provide them
with our quality, innovative products that are proven to perform
well in diverse applications. We have had a strong,
long-standing relationship with CNH and we are glad to strengthen
it further with this long-term agreement."
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" and other similar expressions are
intended to identify forward-looking statements. 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.
These risk factors include, but are not limited to the effect of
the availability and price of raw materials. Additional risks and
other factors that could cause actual results or events to differ
materially from those contemplated in this release are detailed in
the Company's reports on Forms 10-K and 10-Q filed with the
Securities and Exchange Commission. 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.
About Titan: Titan International, Inc. (NYSE: TWI) is a
leading global manufacturer of off-highway wheels, tires,
assemblies, and undercarriage products. Headquartered in
West Chicago, Illinois, the
company globally produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets. For more
information, visit www.titan-intl.com.
About CNH Industrial: (NYSE: CNHI / MI: CNHI) is a
world-class equipment and services company. Driven by its purpose
of Breaking New Ground, which centers on Innovation, Sustainability
and Productivity, the Company provides the strategic direction, the
Company provides the strategic direction, R&D capabilities, and
investments that enable the success of its five core Brands: Case
IH, New Holland Agriculture and STEYR, supplying 360° agriculture
applications from machines to implements and the digital
technologies that enhance them; and CASE and New Holland
Construction Equipment delivering a full lineup of construction
products that make the industry more productive. Across a history
spanning over two centuries, CNH Industrial has always been a
pioneer in its sectors and continues to passionately innovate and
drive customer efficiency and success. As a truly global company,
CNH Industrial's 35,000+ employees form part of a diverse and
inclusive workplace, focused on empowering customers to grow, and
build, a better world. For more information and the latest
financial and sustainability reports visit: cnhindustrial.com
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SOURCE Titan International, Inc.