QUINCY, Ill.-Titan Wheel International Inc. has eliminated 30 to 40 white-collar jobs as part of a restructuring plan brought about by the November acquisition of Dyneer Corp., parent company of industrial specialty tire maker Dico Tire Inc. After acquiring the Scottsdale, Ariz., firm Nov. 12, Titan reorganized Dyneer's operations, cutting 20 percent of its senior management positions. The firm also eliminated six additional white-collar jobs when it closed Dyneer's Scottsdale facility after the purchase.
Dyneer, which also is the parent firm of wheel maker Dico Inc., manufactures wheels and tires for lawn and garden equipment, golf carts, recreation and industrial trailers, ATVs, and farm and industrial equipment. Dyneer also produces braking systems for boat trailers and traction-enhanced differential systems used in the construction and specialty truck markets.
Titan makes steel wheels and rims for original equipment manufacturers in the agricultural and off-highway construction equipment markets. The firm, which doubled its sales when it acquired Dyneer, paid $100 million for the company, a Titan spokeswoman said.
The Dyneer's operations, which were moved to Quincy after the purchase, will be divided into three groups: wheels, tires and assemblies; special products manufacturing; and distribution. The company expects 1993 sales for the divisions to reach $200 million, $30 million and $70 million, respectively.
``We are genuinely excited by this opportunity to dive into the tire-making business,'' said Maurice Taylor Jr., president and CEO of Titan. ``We hope to perpetuate the Dico Tire reputation for quality tires, while integrating our own expertise as a century-old wheel maker. It only makes sense that we are involved in production of both wheels and tires when you consider the fact that one doesn't exist without the other.''
Titan now has more than 20 manufacturing and distribution centers located in the U.S. and Europe. The company occupies more than 3.2 million square feet of manufacturing space. ``The combination of Titan Wheel and Dyneer ensures the viability of Dico and Dico Tire financially and through advanced technological engineering and manufacturing capabilities,'' said Mike Samide, president of Dico Inc. ``The proverbial two-heads-are-better-than-one philosophy in this case will enhance an already strong product and reputation for performance.''