New Titan CEO wastes no time making big changes
Just days after Titan International’s new chief executive officer took the reins, the company has announced plans to consolidate production at its Illinois headquarters.
The company is set to move key wheel production from its Saltville, Virginia, manufacturing facility to its North American wheel division HQ in Quincy, Illinois, in an effort to take advantage of production capabilities.
Paul Reitz, who took over as CEO on January 1 and is already company president, said: “We’re consolidating production in order to more effectively serve our key mining customers, providing them the innovative wheel solutions they’ve come to depend on. During this transition, our customer service and support teams are committed to ensuring that our customers experience minimal service or production interruptions.
“As the mining market returns, Titan will evaluate moving production back to the Saltville, Virginia, facility.”
Strong market response to big changes
It has been a big month or two for Titan, with the transition of power from former CEO, Maurice Taylor, to a new team — including a new chief financial officer (Reitz’s former post). James Froisland, who had been acting in the CFO position for six months, was confirmed in the role in early December.
Titan’s stocks also surged in the last quarter, up more than 33 percent over the past three months and up 198.55 percent in the previous one year.
Titan International owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving, construction and consumer applications.