QUINCY, Ill. (April 28) — Tire and wheel maker Titan International Inc. posted net sales of $182.6 million in the first quarter, up from $136.1 million in the like period of 2005.
It was the first reporting period to include Titan´s acquisition of Goodyear´s farm tire business, including a tire plant in Freeport, Ill. The Quincy-based company closed that deal on Dec. 28.
Net income for the quarter was $8.6 million, down from $11.2 million last year. Income from operations was $17.2 million, up 22 percent from 2005.
"Titan achieved another first quarter of remarkable sales and profits," said Maurice Taylor Jr., the company´s chairman and CEO. "Our employees have worked hard, and it is paying off."
Taylor added that the Goodyear purchase is "proving to be an extremely positive addition to the Titan organization."
Titan announced April 24 it is in negotiations to buy another plant, this time Continental Tire North America Inc.´s off-the-road tire plant in Bryan, Ohio.
However, the company also announced on April 12 that a proposed sale of the companyùoriginally made public last Octoberùto One Equity Partners L.L.C., a private equity affiliate of JPMorgan Chase & Co., would not go forward.