Titan International at Noble Capital: Insights on Innovation and Tariffs

On Thursday, 05 June 2025, Titan International (NYSE:TWI) participated in the Noble Capital Markets Emerging Growth Virtual Equity Conference. CEO Paul Reitz shared insights into the company’s strategic direction, focusing on innovation, US manufacturing, and the impact of tariffs. While highlighting the potential long-term benefits of tariffs, Reitz also acknowledged the challenges of competing globally. The company remains optimistic about future growth driven by product innovation and strategic acquisitions.

Key Takeaways

• Titan International is committed to US manufacturing despite global competition challenges.
• Tariffs are seen as a long-term benefit, potentially leveling the playing field.
• The company focuses on innovation with technologies like LSW and VPO to enhance equipment performance.
• The Carlstar acquisition has expanded Titan’s product portfolio and market reach.
• Titan’s capital allocation strategy includes funding innovation, debt reduction, and strategic M&A.

Business Overview

• Titan manufactures wheels, tires, and steel tracks for off-road equipment.
• It operates in over 20 locations worldwide, with a strong presence in the US.
• The company collaborates with global OEMs and focuses on aftermarket sales.

US Manufacturing Base and Tariffs

• Titan has eight manufacturing plants in the US.
• Reitz emphasized the strength of US manufacturing but noted the challenges posed by countries with lower cost bases.
• The company has won three cases before the International Trade Commission related to unfair competition.
• Tariffs are expected to create a more level playing field, benefiting Titan in the long term.

Segment Performance

• Agriculture is nearing the end of a down cycle, with a turnaround expected by 2026.
• The construction market is currently paused due to political and geopolitical uncertainties.
• Aftermarket sales are performing better than OEM sales.

Aftermarket Strategy

• Titan aims to strengthen its aftermarket connections by servicing dealers and offering a wide range of products.
• The company differentiates itself with a comprehensive product portfolio.
• Innovation moves quickly through aftermarket channels.

Innovation

• Titan focuses on innovation to enhance equipment performance.
• LSW technology improves ride comfort and increases farmer ROI.
• VPO technology ensures equipment continues running after a tire puncture.
• R14 tires are versatile, suitable for various applications.
• ITM track technology provides real-time performance data.

Carlstar Acquisition

• The Carlstar acquisition has diversified Titan’s offerings and expanded its market reach.
• The integration has been successful, with minimal product overlap.
• It has allowed Titan to enter new markets like high-speed trailers and outdoor power equipment.

Capital Allocation

• Titan prioritizes funding innovation, reducing debt, and pursuing strategic M&A.
• A recent stock buyback was an opportunistic move outside the planned capital allocation.
• The company is interested in joint ventures for geographic and product expansion.

Future Outlook

• Titan is optimistic about its future, driven by innovation and a strong connection to end users.
• The company’s culture and the "cool factor" of its products energize its workforce.

For a detailed view of the conference discussions, please refer to the full transcript below.

Full transcript - Noble Capital Markets Emerging Growth Virtual Equity Conference:

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: I’m Joe Gomes, managing director and senior analyst at Noble Capital. With us today for a fireside chat is Paul Reitz, president and CEO of Titan International. Good morning, Paul, and thanks for taking the time to sit down with us.

Paul Reitz, President and CEO, Titan International: Hey. Good morning, Joe. Good to be with you.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: So let let’s start big broad. For those in the audience new to the Titan story, can you provide a brief overview of the company, the products, the markets, the geographies, etcetera?

Paul Reitz, President and CEO, Titan International: We we manufacture the products that make off road equipment move. So the wheels, the tires, the the steel tracks that go on off road equipment for agriculture construction, earth moving, and then all the way down into utility vehicles, turf equipment. So, you know, we get to manufacture products that go on really cool equipment, and I look at what we do as being that important interface between that really cool equipment doing important things. And and and what our product does is is really brings that equipment into in into the ground and interfaces with the application. And so, what we do goes beyond just a simple wheel tire undercarriage.

It’s it’s really what we’re about is making the equipment perform better. And we manufacture those products from locations around the world, little over 20 locations that touch, obviously, here in The US is a is a primary market, but have a number of locations in into Latin America throughout Europe, into China as well. So, you know, we we touch just about all the the global OEMs that you could think of in the spaces that I mentioned.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: Great. Now while you’re a global company, you have a significant portion of the revenue here in The US, and and most of that is manufactured in The US, whereas a lot of competitors in your space are foreign based. What are some benefits of the strong US manufacturing base and kind of what are the challenges to having that?

Paul Reitz, President and CEO, Titan International: Yeah. That’s it’s a great question. And I I would come back to The US. I’ll start just on a bigger macro perspective with what we produce because it can be larger in size. Being able to manufacture close to our customers is is a a strength of ours.

And so the geographies that I mentioned we operate in is really being close to where our where our customers are at. That could be aftermarket, but also, obviously, OEM where the equipment’s manufactured. But as as you asked, I mean, The US is our primary manufacturing location. We have eight plants in The US that we’re, you know, very proud of, large in size. And, you know, The US is it it’s a great place to be.

I’ll start there. But as you asked in your question, I mean, it does have its challenges, and and we do operate in some locations where those challenges do become very evident because we we we manufacture in some low cost manufacturing countries, and we operate, you know, in some ones that have a higher cost base. And, you know, I would say Titan has a a fairly unique perspective on that, not just from the the standpoint that we manufacture different locations, but we’ve gone in front of the ITC, the International Trade Commission, three times in The US and won all three times, two of them being unanimous votes. When

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: you

Paul Reitz, President and CEO, Titan International: go through that process and you win unanimously, that’s a pretty strong indication. We’ve done that over a period of about ten years, but that’s a strong indication that the world is not a fair place to compete. There’s really no other way to put it. And and, again, when a a panel of extremely smart people agree with that comment after lit listening to testimony from not just us, but our competitors in those locations. So the world is not a fair and equitable place.

And so I think what I would say about US manufacturing is we have incredible plants supported by incredible people that make incredible products. But one of the challenges we face is that the world is not is not equal. And and I I know there’s things that are being done to address that. We could sit here and debate that back and forth, I mean, about how it’s being addressed, but I I don’t think there’s any argument to say that from a a US manufacturing perspective. If we wanna continue to make great products with and and get great jobs for for our our our great people that we have in this country, and I hate to use adjectives like that, but that’s true, then we better do something different.

And I think we’re on that path. So, you know, we are going to continue to support US manufacturing. It’s it’s it’s all those reasons I just said. Our customers are here, but believe we believe really strongly in in the the plants and the people that we have here in The US. And I think we’ll find a way politically to let the world’s never gonna have a perfectly level playing field, but I think we’ll find a way politically that we can continue to make great products in US.

We need to.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: So so let’s I think you’re dancing around the t word, but I’m gonna say it. So let’s talk about tariffs for a second. You’ve mentioned in the past that tariffs could be a net benefit to the company. Can you explain how that’s the case and, you know, kinda what’s the best case tariff outcome? What’s the worst case?

Paul Reitz, President and CEO, Titan International: Yeah. And I do. I I dance around that word because, you know, I I I think we we all in the business community have to realize we have to adapt to what’s going on in the world. And so but the reality is tariffs are now part of that world. And, you know, from from our perspective at Titan, and I’ll I’m gonna echo really what our our management team and our employees have been saying to me versus just giving you what I think.

They’re they have strong conviction that the tariff, overall tariff policies that we’re we’re the path we’re going down are good for Titan. And and and I didn’t have to go out there and create a message that says, this is what you should be thinking, and this is how you should be approaching tariffs. They immediately came to me and said, look. I we have conviction. We we believe internally that these tariffs long term again, referencing what I just said about the ITC.

These tariffs will bring it in a a playing field that is a net positive for Titan long term, and we’re starting to see it from our customers. They’re asking questions that are different. And the the big thing that it puts in on the radar of our customers is risk mitigation. Supply chains really, one of the key elements of a supply chain is is is do you have a reliable supplier that can deliver the products when you need them, where you need them? And that drives into Titan’s strength.

Again, going about going back to what we started off with where we manufacture, being close to our customers, the depth of our product portfolio. Nobody can stand up to what we do if you look at the the investments we’ve made in the engineering tooling, and then they throw in the quality of our products. But but you need to be able to support the manufacturing bases that are right where your customers are using and building that equipment. And so I think we’re seeing that from our employees. We’re also seeing it from our customers asking questions different because they’re looking at it from the risk mitigation standpoint.

Now tariffs to the short term, it’s chaotic. There’s there’s no doubt about it. Every company I’ve talked to, every company you’ve talked to is gonna tell you that tariffs are chaotic. That’s not good for any business that’s trying to make decisions. So I think we gotta get through the short term noise.

It’s our job as business leaders to figure that out. You know, I think we’ve redone our overall business strategy probably four times in the last sixty days. It’s not enjoyable, obviously, but I think what I’m gonna keep referencing, though, is what is what I said long term. Our employees have conviction. Our management team has conviction with tariffs.

In the short run, because of that, our approach to dealing with the tariffs has been excellent because our our our team is behind it. They’re like, look. We’re understanding what’s going on. We gotta do something about it. And so we we go look at the data.

We we analyze our costs. We understand what’s going on with the tariffs to the greatest extent possible, and we make decisions from there. And, you know, I think the attitude and the approach that Titan’s team has taken to it in the short run is is gonna be effective. Hopefully, the chaos subsides at some point. Joe, snap your fingers and make that happen.

Okay?

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: I wish I could for you. But let let’s let’s dive now into each of the business segments. So we got the agricultural construction, mining, consumer. You know, if you can kinda give us the audience, you know, what are the demand drivers for each one of those sectors, and what are some of the long term trends that we believe, you know, will be a benefit to Titan?

Paul Reitz, President and CEO, Titan International: Yeah. I’ll I’ll start with agriculture. I’ll I’ll all of our segments have something to comment, and they they are they are cyclical. And I and I’ll start with agriculture. You know, we’re in the what I would call the tail end of of a a down cycle.

And and with ag, it never goes up or down 5%. It moves in much larger swings than that as as as everybody knows. And, you know, we’re getting close to that two year mark of the this existing ag downturn. You can look at farmer sentiment and different psychological polls, and I think those have been better now because of the the political regime. But, really, I mean, ag is gonna be driven by farmer income and the age of the equipment and the technology that’s coming into the space.

And so what this cycle has been about probably more than any little bit more than other cycles is is just the dealing with inventory. Because the cycle was expected to start to break already, there’s been this longer lag on getting the inventory levels to the right place, whether it’s used or new, you know, getting the the late model used moving so you can clear the room for the new. I mean, it’s just been it’s been a longer cycle because of of of dealing with inventory. And I think that’s been driven by forecasting has been difficult. You know?

And and and, again, I’m not just referencing ag when I say that. A lot of industrial companies have had a challenge forecasting in this environment. You know? Not obviously, COVID was one type of forecasting challenge, but even post COVID, it’s been challenging. And and now you get into the the political cycle we’ve been in, now the tariff cycle.

So that that I think the the lack of forecast is good forecasting has made the cycle more challenging, and it’s created this this inventory overhang in ag. But I think if you look at the basics of ag, it the equipment is gonna need updated. There’s good technology that goes along with newer equipment. You wanna stay within your warranty period. Farmer incomes are stabilizing and getting to a pretty decent point.

Watch crop prices, obviously. Stocks to use ratios are getting better. So there’s a lot of fundamental things along with some psychological farmer incentive index that are that are saying, okay. The the turn is around the corner. And plus, again, we’re kinda near the end of year two of this cycle.

It’s just get this inventory cleared. You get the inventory in a better place, kinda get mute the mute the noise around tariffs. And I I think farmers are gonna be fine. Land values are are holding up. So US and and Europe are still pretty quiet in ag.

Not much is going on. We are seeing Brazil start to pick up already. Part of that could be driven by the the Chinese purchases of grains, but that’s really been ongoing for a while. But we’re we’re starting to see Brazil pick up already, and we’re we’re our business is usually a good leading indicator of that. You know, you think about it, you gotta have your wheels and tires in place in order to sell that equipment.

So we usually get out in front of the cycle as far as the preparations go to, you know, get the products that we produce in place for our customers. And so, again, I think the ag cycle will be turning. Just hasn’t really started to hit that inflection point yet, so I would point towards 26 with that. You know, the other segments we serve, you know, the the construction market didn’t go up or down quite as bad as as as ag has, but, you know, you know, it’s at that point right now where I think everybody’s trying to figure out what do what’s gonna happen. You know?

And and that’s that’s both politically geopolitics, tariffs, that rolled into a basket. So we’re seeing the construction markets go into kind of a pause. But I would one of the things that we always look back at in in both these businesses, whether it’s ag or construction, is the reality is farmers still got a farm, and construction and roads still got to continue to to be developed and maintained. And so aftermarkets become a bigger part of our business, and and that’s where we see the activity. The activity is not slowing down from that perspective.

Equipment is being used. The world’s population is gonna continue to grow. The needs of society from an infrastructure standpoint were growing along with with feeding people. So the macro trends are still there. Our aftermarket business has become a bigger part of what Titan does, and that is that is holding up, you know, better than the cycle we’re seeing with OEMs.

And so, you know, I I don’t I don’t think there’s anything that’s that’s earth shattering changing in the last three months as far as our our end markets go. But at the same time, you know, I think once that catalyst and those drivers start to to peak their head up into the in into the sunset into into the sun a little bit, I think we’ll we’ll see those markets, move in a positive direction.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: Thanks for that. And I’m gonna piggyback two questions here. It’s one, maybe you could talk a little bit about your customer base. I’m sure it’s a lot of well known names on the, kind of like who are some of the key OEMs across your segments. And then the second part, you touched a little bit about the aftermarket.

So you’re selling into OEMs for new, then you’re selling also aftermarket. Kind of what’s the split there, you know, and how are you trying to drive more into that aftermarket?

Paul Reitz, President and CEO, Titan International: It’s a it’s a good question. Mean, we we we we do work with a broad spectrum of global OEMs. So, you know, John Deere is our our largest customer, you know, that we disclose annually, the level of sale we have with them. But, you know, we have a a number of tremendous customers that we work with in in the ag space, the CNHs, the the Kubotas, the Agcos, Coyotes. So we we touch there.

We we we have great customers in the construction side, road building with LaBeer, I mean, so it because we we we go from wheels and tires to to steel track that goes into a lot of different different applications. I mean, we we have a a really strong subset of of customers that we can rely on for good intelligence, market intelligence. And and like I was saying earlier, what we produce, you gotta get out in front of because you needed to move the equipment. And so, you know, we’re really proud of our our our OEM customer base. But, yeah, you know, going back to the going to the second part of your question and going back to what I was been alluding to, I mean, we we also realize that it’s great to sell a wheel and tire assembled to an OEM.

It’s it’s but at the same time, we gotta we gotta make sure we’re taking care of the products as they continue to go through their entire life cycle, and we really worked hard to to improve and establish a stronger aftermarket connection. And and we’ve done that by, you know, the basics of servicing those dealers. If you’re gonna be in the market saying you can do things, you need a good strong dealer network, and you gotta take care of those dealers. And so we put a tremendous amount of effort into that, but also having the right products available for them. One of the strengths that Titan has compared to our competitors, and I mentioned it earlier, but our product portfolio, what what what what is different about our space is that there are so many SKUs that go into our business.

It’s not like on road tires, and that’s why we’ve been around for, you know, thirty five years and, you know, three decades as a public company is because there’s so many SKUs in the complexity of what we produce that goes on to different equipment, goes into different applications that you gotta make you gotta have the right products available. So the way Titan approaches the market is we we we wanna fully serve our customers. We’re not gonna come in there and say, Joe, I got I got five great products for you. Buy these five, and then you have to go buy your other 50 products from a multitude of other suppliers. We approach it.

We’re gonna come in there and take care of all your needs, and that’s that helps us, with the OEMs, but we’ve really done that as well with the aftermarket and with the the recent acquisition we did last year, you know, now our product portfolio just continues to expand. And so we we’re becoming a one stop shop for the aftermarket. So have the right products available and build great products. Innovation has been a key thing for Titan, and we’ve done some really impressive innovation into the into the space that makes equipment perform better. And to be honest with you, aftermarket moves quicker than OEMs when it comes to innovation.

If if the end users know product’s gonna make their equipment perform better, they’ll they’ll jump on it. And so that innovation, it’s it’s it it leads towards OEMs, but it really moves quicker through the aftermarket channels, and that’s been a nice plus for Titan.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: So let let’s stick with that for a second, the innovation. And, you know, one of the big innovations recently has been your LSW product. I think a more recent one has been the VPO technology. You know, maybe you can talk a little bit more about these innovations and how they are helping benefit your end customers, which obviously ends up benefiting Titan in the long run.

Paul Reitz, President and CEO, Titan International: One of our strengths is you know, it could be viewed as a weakness because we only serve cyclical markets, but from a a customer standpoint is a strength. This is all we do. We so we better be damn good at it. Some of our competitors that we compete against will have the off road segment will be a smaller part of their bigger portfolio of other products, which obviously get more attention from the engineering and and the innovation perspective. And so for us, we need to drive innovation because this is all we do.

And and so we really put an emphasis on how do we make that equipment perform better. We we do that by putting investments into the obvious. You gotta have a good quality team of engineers, gotta be able to get it on the front end. But, really, what separates us is on the back end. Working with the end users, understanding their products, how they how their equipment interfaces with the applications they’re operating in, and how the products we manufacture can be an important part of that interface.

And so we develop the technology that makes equipment perform better, and and that’s what we’re you know, that’s exactly what LSW has done. Does the obvious things, which is a more comfortable ride, all those things that you look for when you buy an an SUV or a car, those are obvious. Those are quite frankly, that’s not what makes our innovation go. Our innovation makes the farmer more money. It improves the yields of their of of their fields.

It improves the the the investment that they well, the biggest investment they have, which is the land because it it it protects the soil compaction. It does things that drive ROI and value to our customers. And so that’s that’s the innovation that, you know, we we look towards. LSW does that. You mentioned VPO.

What that does is it it it’s it’s a safety. You know, it’s a safety type product where if you’re operating a piece of equipment and you have a tire issue, which is gonna happen, you go over a a nail or something in an outdoor piece of equipment, the VPO will keep running. So you’re not breaking down, having to tow it, whatever it may be. You look at our r 14 technology, used to have a have a multitude of tires you needed if you’re operating smaller tractors. Smaller tractors are not just hobby tractor toys.

A lot of them go into municipalities. They do utility work on on construction. They the utility work of different operations. And so you needed a different tire for turf, for construction, for ag, and and we developed a tire that you know what? It does all of that.

You don’t need to buy two or three sets of tires. You can buy one r 14, and it’ll take care of all that for you. And so, you know, our innovation, again, is about making equipment perform better. We got great technology going on with our trust technology with ITM, where it it’s it’s taking interfaces from, you know, RFID and and real time information and then presenting it to the customer to let them know how the track is performing and, quite frankly, when they what they need to do to maintain it. And so those are the things that drives us, and we’re gonna continue to have the biggest portfolio in our business.

But we also wanna make sure we’re developing the newest products that make equipment perform better, and it’s we invest in it. It’s a key part of us. I mean but it again, it’s not just a bunch of engineers sitting in a room thinking up ideas. I mean, we’re out there with the customers. It’s not again, I’m a one step beyond the customers.

We’re out there with the end users figuring out how that equipment works for them and what we could do to make it perform better.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: Excellent. You you mentioned you completed an acquisition last year with Carlstare. Can you tell us a little bit about that business, how it diversified, Titan’s offerings, and, you know, kinda how that acquisition, the the integration of that is is proceeding?

Paul Reitz, President and CEO, Titan International: I mean, it’s it’s a it’s a company that we’ve known well, and they’ve known us well for many years. We operated in in tangent spaces with with just a little bit of overlap. So it’s it’s a good candidate for a a a an acquisition or or a marriage. And, you know, we always had visions of getting to some of what they’re doing, and they always had visions of getting into what we’re doing. As I said to them, as we’re going through due diligence, the reality is we’re never gonna be good at what you do, and you don’t have a snowball’s chance of being good at what do.

And and there’s some nodding of the heads. Obviously, I was doing it to kinda get under their skin a little bit and see what their reaction was, but we’ve seen that play out exactly like that. Very little product portfolio overlap. They’re strong in what they do. They they get Titan into the places in the market where we weren’t.

It’s the high speed trailers. It’s the outdoor power equipment. It’s the turf. They have great brands. They have great products.

They have great people. The same things Titan has in the in the segments that we were serving with very little overlap. And so we’ve been able to bring the two companies together. The key thing is whenever you do an acquisition, how do the people respond? And, you know, going back to Wes earlier about it it looked like a good marriage on paper.

We’ve seen that play out over the last fifteen months is that it it does. It works. The our our team realizes it works. It fits. And, you know, the the excitement is one.

It came together. The puzzle pieces fit, but the excitement really is is is driven by, okay. Now what do we do? You know, clearly, Titan has some resources that can make them accelerate what they’re doing as far as the engineering and and and some of the stuff we already touched on, Joe. But we’ve been able to learn from them because they had a great distribution channel in place, and they were touching parts of the market that we weren’t necessarily getting to.

And so now you bring that together. Let’s go accelerate the innovation with their products. We we just signed our our Goodyear deal again so we can bring the Goodyear brand into some of these off road segments that that that that they were service servicing. And so we got that that that can add us fuel growth. And then really kinda looking beyond just the traditional markets when we’re operating going, okay.

Now we have this full product portfolio. Let’s go start filling in some cracks geographically where, you know, we weren’t necessarily touching because either taking them in a volume or they didn’t have enough volume, but now together, you know, we can have a different type of presence in those markets. So real, really good stuff. It’s it’s it’s you know, again, looking back fifteen months later, it’s it’s come together very nicely, and and now we’re just let let’s just accelerate it for the future.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: So recently, you you did a acquisition. Last year, you you bought back a big slug of stock. You know, kind of what what’s the capital allocation strategy here going forward? It’s still focused on buybacks, m and a, debt pay down. What what what are your thoughts?

Paul Reitz, President and CEO, Titan International: The stock buyback, the big chunk that we did was was a very positive transaction. It was a is it an investor that had been in our stock for about ten years, still on our board, but it was a, you know, a smooth exiting process, but wasn’t necessarily in our capital forecast for for that that that year. And so I think for us, it’s it’s, one, continuing to fund the business and innovation that that I’ve been highlighting. That that is an absolute must. But two is is focus on let’s pay down a little bit of debt.

You know, we did an acquisition. We did that large chunk of a of a buyback. Let’s let’s fuel the CapEx. Let’s focus on the balance sheet to to make sure we pay down a little bit of that debt, and then just be prepared for some opportunities in m and a. You know, is there anything imminent now?

You know, we’re still biting off the one that we we just did last year, and that’s going very well. I I would say the one thing that we are always looking at, and it doesn’t take as much capital, is good formations of JVs and and and ways to bring in either geographical or product portfolio expansions in a from a financial perspective, less capital intensive way where you’re you’re buying a part of their capabilities and and kinda taking some of our strengths and mirroring it with their strengths and then going to market together. And you can do that through some formation of JVs that, again, are less capital intensive. So that that’s something we we are always looking at. But, you know, we’re we’re in good shape on the balance sheet.

But, yeah, after the those two events last year, we do wanna continue to to focus on paying down some debt.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: Great. Let’s let’s finish up with this one, Paul. What what are you most excited about for the future of Titan?

Paul Reitz, President and CEO, Titan International: In the products. I mean, I think that’s that’s what drives our culture. It is is let’s continue to innovate and make great products, and and and we do that in a different way. I keep referencing being connected to the end users, but that’s truly in our culture. You know, we we we kinda let the culture build from that.

You don’t need to put a hundred slogans up on a wall and build a culture when the energy comes from the products we produce and the way those products operate out in the field. I mean, what we the equipment our products go on is cool. I pull up some videos at LSW. You you’re gonna go, wow. That’s pretty awesome.

And I never really thought about it that way. And, you know, you think about large ag equipment going through the difficult conditions they have to operate in and, you know, you look at go look at an excavator going in operation and and to think that what we build is that key interface between the equipment and the and the application. It’s you know, what we do is cool. It’s and it and it creates a great energized workforce. And so we gotta keep that momentum going.

That that’s that’s what gets me excited, and we gotta continue to be excited and and move forward in that way.

Joe Gomes, Managing Director and Senior Analyst, Noble Capital: Great. Well, Paul, we covered a lot of ground today. We got significant insight into what Titan does, its markets, and opportunities. We appreciate you taking the time to do this fireside chat, and we wish you and the company the best in the future. Thanks again.

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