QUINCY, Ill (Jan. 7)—Tire and wheel manufacturer Titan International Inc.´s common stock appreciated nearly five-fold in 2004, second among companies listed on the New York Stock Exchange, the company announced Jan. 6.
Titan's stock price increased 393.5 percent in 2004 — growing to $15.10 on December 31 last year from $3.06 per share on December 31, 2003. The Quincy-based company ranked second only to specialty chemicals manufacturer W.R. Grace & Co. in the listing.
"We congratulate W.R. Grace for their outstanding stock performance," said Maurice Taylor Jr., Titan president and CEO. "Seeing Titan´s market value reach the levels where we knew it should be is rewarding. An investment of $3,000 in TWI stock on the first trading day of 2004, would have been worth approximately $15,000 on the last day of 2004.
"The effort and commitment of our employees and stockholders have made it possible to return to profitability and to achieve this remarkable progress and recognition within the investment community."
Titan's stock price closed at $14.40 per share on Jan. 6.