Close

Titan Int'l (TWI) Names Paul G. Reitz to Board of and Reaffirms 2018 Outlook

December 11, 2017 5:02 PM EST

Titan International, Inc. (NYSE: TWI) ("Titan" or the "Company") today announced that Paul G. Reitz, Titan's President and Chief Executive Officer, was appointed to the Company's Board of Directors ("Board") effective December 5, 2017. This appointment brings the number of directors to eight in accordance with the Company's By-laws. Mr. Reitz's term expires at Titan's 2018 Annual Meeting of Stockholders.

Maurice Taylor, Chairman, commented, "Paul's leadership and vision have been well demonstrated since he joined Titan. These strengths along with his background and knowledge of our business will make him an excellent board member."

Mr. Reitz, who is 45 years old, joined the Company in July 2010 as Chief Financial Officer. He was promoted to President in February 2014 and to Chief Executive Officer in January 2017. Prior to joining Titan, he was the Chief Accounting Officer for Carmike Cinemas based in Columbus, GA. Mr. Reitz has also held leadership positions with McLeodUSA Publishing, Yellow Book USA Inc., and Deloitte and Touche LLP. He has a Master's of Business Administration Degree from the University of Iowa and a Bachelor of Business Administration Degree from Northwood University.

In addition to the appointment of Mr. Reitz, the Board also approved the Company's 2018 strategic and operational plan.

"Last week, we held our annual year-end Board of Directors meeting where management presented our 2018 strategic and operational plan," commented Mr. Reitz, Titan's President and Chief Executive Officer. "After working hard to manage our way through three years of a cyclical downturn and then post three consecutive quarters of revenue growth this year, it was great to be able to present to our Board a 2018 plan that continues to reflect growth across all of our business units. The revenue growth in our 2018 plan is consistent with the outlook we announced in November 2017 of net sales growing in the range of 7 percent to 12 percent. Along with our plans for continuing sales growth, we discussed with the Board how we're planning to make improvements to our margins in 2018. We continue to expect gross profit improvement between 25 percent and 40 percent and to increase EBITDA in the 50 percent to 100 percent range during 2018. Our 2018 plan also focuses on reducing SG&A/R&D to the 10.0 percent to 10.5 percent range while we also closely monitor our cash management and working capital. During 2017, we have invested in working capital to support our sales growth; however, we don't expect the need to invest at these same levels to support our 2018 growth plan. Our diligent focus on capital expenditure return on investment should continue to enable us to keep 2018 capital expenditure investment in the range of $35 million to $45 million, a level less than annual depreciation. As we round the corner into 2018, we believe that Titan is well positioned to continue on a positive trend and our 2018 plan as approved by our Board supports that belief."



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Guidance