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December 3, 2012
10:50 EDTTWITitan International sees overall market percentage up in 2013
Titan International Chairman & CEO Maurice Taylor stated, in reference to 2013, "Farm will be good in North America and our capacity expansion should increase Titanís overall market percentage. South Americaís farm sales should grow more than 10% and again, with our capacity expanding, we should increase our market share. We believe Europe will be down and that is the one negative spot worldwide. Russia should be a big growth area over the next five years and is a great opportunity. The construction market will likely continue to be in a sorry state except in Russia and Brazil, which should turn advantageous for Titan. The earthmoving business still has life and is going to be good for Titan as long as we take care of production. The other large event will be the growth of the Titan Mining Service business with new locations in Chile, Peru, South Africa, Australia and Eastern Canada. We are very excited about building this business. Titan will also announce some new acquisitions either before the end of the year or shortly after." The company said its targets for 2013 include revenue $2.4B-$2.7B, EBITDA $340M-$400M, Cap Ex $72M and R&D $11M.
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