In a recent statement, Titan International Inc. Chairman Morry Taylor said the forecast for both the ag and OTR tire segments this year is sunny.
A record number of acres will be planted in the United States during 2022, he stated.
"I've spoken to a couple very large equipment dealers that are also larger farmers and they have noted that there is a lot of marginal land that with new seeds and fertilizer can now be profitable.
"If you look at the current corn prices around $6, soybeans near $14, wheat above $7 and cotton at $1.15, American farmers are going to be working hard and planting in a big way.
"The order books at all the major manufacturers of equipment are nearly full for 2022 and I believe will continue to be strong into 2023," he added.
"Another driving factor is that even if farmers have a record harvest in 2022, the overall inventory of grains will still be on the low side. If a farmer cannot make a profit in these markets, then they should find a different career."
On the OTR tire side, "the infrastructure bill that passed this past fall should be a big force, if the bureaucrats can get it moving. Then this momentum could keep rolling right through 2023 and into 2024!
"Everyone should take time to think about what this means for the future in the greatest country the world has ever known."
The United States, he said, "is going to go back to building things and rebuilding our supply chains. The last 30 years America lost a lot of business. The next 30 we will see a lot of that come back. Our best years are ahead if we learn from the mistakes of the last 30 years."
Taylor added that a contract with the United Steelworkers that covers Titan's three U.S. manufacturing plants has been ratified.
"This new contract has incentives for the workforce that are based on rewarding increases in production output. This is a new element in the contracts and is a win/win for the production workers and Titan.
"An increase in overall production output to meet customer demand, along with improvements in plant efficiencies, is also a win for our shareholders."
Titan ended 2021 "real strong and the first quarter and will be good coming out of the gate, which will lead to a really good year."
The company's fourth quarter 2021 earnings will be released in March 2022. "Our revenue will be strong and at that time, we plan to comment further on the strength of the market looking forward into 2022."
