Titan International, Inc. has released the following comments from its Chairman of the Board, Morry Taylor.

"The last few weeks I have had phone calls from shareholders wanting to better understand what is going on with TWI referencing the moves in our stock price.  The simple answer is TWI doesn't have anything to do with the daily movements in our stock price!  TWI's President and CEO, Paul Reitz and his team have done an excellent job growing production and keeping everything running worldwide through the last 18 months.  The results speak for themselves.  What a great job they have done.  I have never seen a market like this.  TWI's order books are full through 2022 and 2023 could be even better.  The reason for this was mentioned by Paul in his first quarter earnings release comments a few weeks ago. The price of corn, soybeans, wheat and cotton are all near historic highs, and there is no surplus out there, which should lead to farmers spending on equipment for quite a while.

"As major equipment companies have stated, they are going full out to build everything they can.  TWI's business should run hot for a while as there is no significant equipment inventory on dealer lots and any change to the situation appears to be a long way off.  The aftermarket for used farm equipment is also seeing similar things with dealer lots remaining bone dry with little to no used equipment.  This further helps Titan because some farmers cannot get new equipment, so they opt to repair their older equipment.  That means new tires, and if they want new larger, wider tires that means new wheels and tires. 

"As I mentioned earlier, I have never seen business like this and the opportunity for TWI continues to be great.  TWI has stated adjusted EBITDA should be over $200 million for the full year 2022.  I agree with that statement.  Everyone wants to know about supply chain issues and how they could impact Titan's business.  On the wheel side, steel is the most critical raw material. The price of steel has more than doubled in the past 18 months and has been volatile throughout, but Titan has maintained supply and managed the increased costs with pricing.  Tires are different because they also contain carbon black, natural rubber, and synthetic rubber and other raw materials.  Titan has more options, including substitutes in a pinch, if needed.  TWI's products do not have microchips in them, which is causing a lot of problems for equipment makers these days.  I believe TWI is sitting solid and is managing well in this volatile and tricky environment.

"One item I think I understand well is there is a shortage of food in parts of the world.  Many people are concerned about this, so that means there should be no slowdown in farm business.  Even politicians understand that the government doesn't grow food, so farmers will be very busy.  That is great for TWI given our strong position. 

"So, as you can see, TWI's future is the best it's ever been, in my opinion, and I want to thank all our shareholders, many of whom have been shareholders for a long time!  I am a very proud, old man who has been a part of this company for a lot of years. Paul Reitz and his team are going to bring TWI to new and better prosperity.  I could not be prouder of the entire Titan Team!"


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