Titan International sold the former tire plant

Dec 04, 2020

Titan International sold the former tire plant in Brownsville, Texas.

A plant with an area of ​​93 thousand sq. m. was built in 1997. Titan ceased tire production there after just six years, in 2003. Titan reports that the former plant has been sold to a subsidiary of Phoenix Investors, a US-based commercial real estate investment firm.

Most recently, the former tire plant was leased to several tenants.

“We have been selling non-core assets throughout 2020 and the sale of this property was certainly an important part of the process,” commented Paul Reitz, CEO and President of Titan. - This sale, along with a number of other, smaller deals, will allow us to receive from $16-20 million from the sale of non-core assets. The deal further strengthens our balance sheet and creates opportunities for future growth as we continue to anticipate increased demand for our products in 2021.”


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