Titan International Inc (NYSE: TWI)

Titan International Inc is a global manufacturer and supplier of wheels, tires, and undercarriage systems serving customers across the globe. The company designs, manufactures, and sells products for original equipment manufacturers and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan produces a broad range of wheels, tires, and components tailored to the specifications of various equipment types including tractors, combines, cranes, excavators, and outdoor power equipment.

Titan generates revenue through the sale of its manufactured wheels, tires, undercarriage components, and assembled wheel and tire units. The company offers products under multiple brands including Goodyear Farm Tire, Titan Tire, Carlstar, Carlisle, ITP, Trail Wolf, Links, USA Trail, and Voltyre-Prom. Revenue is derived from both original equipment sales and aftermarket distribution channels serving agricultural, construction, and consumer end markets.

The company operates through the following segments: Agricultural, Earthmoving/Construction, and Consumer.

• Agricultural: This segment manufactures wheels, tires, and components for agricultural equipment such as tractors, combines, plows, planters, and irrigation systems. Products are sold under the Goodyear Farm Tire, Titan Tire, Carlstar, ACES, and Voltyre-Prom brands. The segment offers a full range of sizes and configurations to meet original equipment and aftermarket specifications.

• Earthmoving/Construction: This segment produces wheels, tires, and undercarriage systems for off-road equipment including excavators, loaders, graders, cranes, and military vehicles. Wheels range from 15 to 63 inches in diameter and tires from three to 13 feet in outside diameter. Products are offered under the Titan brand and include value-added wheel and tire assembly services for select applications.

• Consumer: This segment focuses on wheels and tires for outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Products are sold under the Carlisle, ITP, Black Rock, Goodyear, and Unique brands. The segment also includes custom rubber mixing sales and provides wheel and tire assembly for many products to original equipment customers.

Titan holds a strong market position in the global off-highway wheel, tire, and undercarriage industry due to its integrated manufacturing capabilities and long-standing customer relationships. The company competes with firms such as Accuride, Gianetti, Balkrishna Industries Limited, Bridgestone/Firestone, Michelin, Berco, and Caterpillar. Its ability to manufacture both wheels and tires enables Titan to deliver complete assembly solutions, creating a competitive advantage in the marketplace.

Titan serves a diverse customer base including original equipment manufacturers in agriculture, construction, and consumer equipment sectors. Major customers include AGCO Corporation, Caterpillar Inc., CNH Global N. V., Deere & Company, Hitachi Ltd., Kubota Corporation, Liebherr, and Volvo. The company’s ten largest customers accounted for 33% of net sales in 2025, with Deere & Company representing 10% of consolidated net sales that year.