Titan International Inc. has sold a former tire manufacturing plant in Brownsville, Texas.
The 1-million-square-foot plant, built in 1997, sits on 108 acres. Titan ended tire production there just six years later, in 2003. Titan says it was sold to an affiliate of Phoenix Investors, a national private commercial real estate firm with its headquarters in Milwaukee, Wis.
The facility most recently has been leased to multiple tenants.
"We have highlighted the sale of non-core assets as an important initiative throughout 2020 and the sale of this facility was certainly a part of that process," said Paul Reitz, CEO and president of Titan. "This sale, along with the completion of other smaller transactions, will put us within the $16 - $20 million range for non-core asset sales expected to be completed during the fourth quarter as highlighted during our most recent earnings release. This transaction further strengthens our balance sheet and helps position us for future growth as we continue to see higher demand levels for our products heading into 2021."
