Earlier this week we read that Titan may not proceed with his promised $10million expansion in Mississippi because of the potential loss of a $10,000 tax benefit. Things must be tough. Does Mr. Taylor need the cash to repay Condere's creditors? I don't think that has been done yet.
On July 27, the Brownsville Herald (www.brownsvilleherald.com) reported that the Texas factory-recently completed at a cost I would imagine of more than $40million--is closing until October. Not many companies that I know that can get away with a mistake that big. This is the one million square foot tire plant Titan said would be operational in 1996 or 1997 and would give the company almost unlimited tire capacity. I suspect that Taylor discovered that a new tire plant needs more than a lot of hot air to get going. Probably having a tough time making good, saleable tires. Wonder if those less than marketable tires are in the finshed products inventory or have they been written off as junk? At this rate, even a penny a share seems unattainable during the third quarter.
Anyone willing to give odds on the reopening day of the Brownsville factory? My money says not in this century, perhaps, but not certain, sometime in the next.
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