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.”