Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages. The company serves the agricultural, earthmoving / construction, and consumer markets. Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 2.0x. Secular tailwinds exist in the global agricultural, infrastructure and construction markets. The outlook is for positive revenue and earnings growth on average over the long term. On February 29, 2024, the company acquired Carlstar Group for approximately $296 million which is expected to add significant diversity to the company's product lines. We believe TWI stock to be undervalued at this time.
