By THE HERALD WHIG STAFF
Titan International Inc. CEO Maurice Taylor told shareholders Monday that the company will have a record year and he foresees strong growth next year and beyond.
Taylor said this year the company had "record revenue, net income, gross margins, operation margins."
During his 2013 outlook statement, Taylor said Europe will be down, but Russia and Brazil should be good growth markets for tires, rims and products made by Titan. The North American farm sector should be strong.
"We believe Europe will be down, and that is the one negative spot worldwide," Taylor said.
Titan has been growing, and some new acquisitions should be announced either before the end of the year or soon afterward, Taylor said.
Revenues for 2012 are expected to be about $1.8 billion to $1.9 billion. Taylor said he expects 2013 revenues to be $2.4 billion to $2.7 billion, and he has a goal of growing the company to $4 billion to $4.5 billion before 2015.
"It is my goal not only to get to $4.5 billion before 2015, but bring new tire and wheel designs to the farming, construction and mining industries that make the equipment perform better," Taylor said.
Titan International, a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earth-moving and construction, and consumer applications, including all-terrain vehicles. The company's headquarters is in Quincy, where it owns Titan Wheel.