Titan International board OKs mining tire expansion
QUINCY, Ill.-Titan International Inc. plans to hike its mining tire production capacity to include 57- and 63-inch radial off-the-road tires using the firm's proprietary technology for 15-degree wheels.
The firm's board of directors approved an undisclosed investment that will allow Titan to make as many as 6,000 giant radial OTR tires a year. Titan said it anticipates it will produce the first 63-inch radial tire in the first quarter of 2008 and be in start-up production by the end of the second quarter.
The ability to produce 6,000 giant radial tires may increase sales as much as $240 million, Titan said, and these tires are expected to be higher margin products as well.
The firm also now will be able to build the world's largest 24-foot bull wheel, a specialized wheel used to test tires. The bull wheel will have the capacity to load tires up to 300,000 pounds and run tires up to 42 miles per hour.
Titan didn't say where it will make the investment.
GPX hires president, chief operation officer
MALDEN, Mass.-GPX International Tire Corp. has named Craig Steinke as its president and chief operation officer, set to start June 1.
Steinke joins GPX from consumer products company Eagle Family Foods Holdings Inc., where he served as president and CEO. Before that he worked for mineral resource firm Broken Hills Propriety and mineral company Magma Metals.