<SEC-DOCUMENT>0000899751-12-000051.txt : 20121019
<SEC-HEADER>0000899751-12-000051.hdr.sgml : 20121019
<ACCEPTANCE-DATETIME>20120724162909
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000899751-12-000051
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000899751
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				363228472
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
		BUSINESS PHONE:		2172286011

	MAIL ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TITAN WHEEL INTERNATIONAL INC
		DATE OF NAME CHANGE:	19930403
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">TITAN INTERNATIONAL, INC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">July 24, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C. 20549-7010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">RE:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Titan International, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K for the Year ended December 31, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Filed February 23, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-Q for the Quarter ended March 31, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Filed April 26, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Response dated June 25, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>File No. 1-12936</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. Decker,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are responding to your comment letter dated July 10, 2012, which relates to Titan&#8217;s June 25, 2012 response to your previous comment letter.&#160;&#160;Please see the attached Exhibit A for the Company&#8217;s responses to your letter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please do not hesitate to contact Paul Reitz at 217-221-4455 or Cheri Holley at 217-221-4484 if you have any questions concerning the Company&#8217;s response.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sincerely,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font></font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Where a comment below requests additional disclosures or other revisions to be made, please show us in your response what the revisions will look like. These revisions should be included in your future filings.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Response to comment 1:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Titan International, Inc. (&#8220;Titan&#8221; or the &#8220;Company&#8221;) has provided intended disclosure for comments below which request additional disclosure or other revisions to be made.&#160;&#160;These revisions, when applicable, will be included in the future filings of the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 7 &#8211; Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, page 16</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have reviewed your response to prior comment two from our letter dated May 23, 2012.&#160;&#160;As we previously requested, please enhance your disclosure to separately discuss the business reasons for the changes between periods in net sales, cost of sales and gross profit for each of your segments.&#160;&#160;In doing so, please disclose the amount of each significant change in line items between periods and the business reasons for it. In circumstances where there is more than one business reason for the change, attempt to quantify the incremental impact of each individual business reason discussed on the overall change in the line item. Please show us what your revised MD&amp;A will look like. See Item 303(a)(3) of Regulation S-K.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Response to comment 2:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The updated disclosure would be as follows (additions/updates are underlined):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agricultural Segment Results</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net sales in the agricultural market were $960.7 million for the year ended December 31, 2011, as compared to $675.2 million in 2010,<font style="DISPLAY: inline; TEXT-DECORATION: underline"> an increase of 42%.&#160; </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Sales increased as the result of the April acquisition of the Goodyear Latin American farm tire business including the Sao Paulo, Brazil manufacturing facility which recorded agricultural market sales of $89.7 million for the year ended December 31, 2011.</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;Net sales excluding this acquisition for the year ended December 31, 2011, were $871.0 million, an increase of 29% from 2010.</font>&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Sales volume was approximately 16% higher as the result of strong agricultural market demand from both OEM and aftermarket customers.&#160;&#160;Sales increased by approximately 13% from price/mix improvements which resulted largely from increased raw material prices that were passed on to customers.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit in the agricultural market was $177.1 million for the year 2011, as compared to $108.1 million in 2010.&#160;&#160;Income from operations in the agricultural market was $158.3 million for the year 2011, as compared to $92.0 million in 2010.&#160;&#160;The Company's gross profit and income from operations benefited from improved plant utilization resulting from the higher sales levels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earthmoving/Construction Segment Results</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's earthmoving/construction market net sales were $306.8 million for the year ended December 31, 2011, as compared to $191.0 million in 2010,<font style="DISPLAY: inline; TEXT-DECORATION: underline"> an increase of 61%.&#160;&#160;Sales increased by approximately 73% as the result of price/mix improvements.&#160;&#160;This increase was driven by price/mix improvements from stronger demand for larger products used in the mining industry.&#160;&#160;This large increase was partially offset by approximately 12% lower sales volume when compared to 2010.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit in the earthmoving/construction market was $39.3 million for the year 2011, as compared to gross loss of $(3.4) million in 2010.&#160;&#160;The Company's earthmoving/construction market income from operations was $32.8 million for the year 2011, as compared to a loss of $(11.3) million in 2010.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The Company's gross profit and income from operations benefited from the mix changes to larger products that generally carry higher margins.</font></font></div>

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<div id="HDR" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Segment Results</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Consumer market net sales were $219.5 million for the year ended December 31, 2011, as compared to $15.4 million in 2010, <font style="DISPLAY: inline; TEXT-DECORATION: underline">an increase of 1,328%.</font>&#160;&#160;The increase in net sales was primarily the result of the Goodyear Latin American farm tire acquisition agreement, which included supply agreements for certain product sales, which are included in the consumer segment.&#160;&#160;Sales under these agreements were $186.8 million for the year ended December 31, 2011.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional 2011 acquisitions provided consumer market sales of $14.8 million for the year ended December 31, 2011.&#160;&#160;Excluding these acquisitions, consumer market sales for the year ended December 31, 2011, were $17.9 million a 16% increase from 2010.&#160;&#160;This increase was the result of price/mix improvements of approximately 24% offset by volume decreases of approximately 8%.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit from the consumer market was $18.9 million in 2011 as compared to $2.9 million in 2010.&#160;&#160;Consumer market income from operations was $11.1 million for the year 2011, as compared to $2.5 million in 2010.&#160;&#160;The Company's increase in gross profit and income from operations primarily resulted from the supply agreements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The updated disclosure for the March 31, 2012 Form 10-Q would be as follows (additions/updates are underlined):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agricultural Segment Results</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net sales in the agricultural market were $295.8 million for the first quarter of 2012, as compared to $210.0 million in 2011,<font style="DISPLAY: inline; TEXT-DECORATION: underline"> an increase of 41%</font>.&#160;The increase in net sales was <font style="DISPLAY: inline; TEXT-DECORATION: underline">primarily </font>the result of the April 2011 acquisition of the Goodyear Latin American farm tire business including the Sao Paulo, Brazil manufacturing facility which recorded agricultural market sales of $32.8 million for the quarter ended March&#160;31, 2012.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Net first quarter 2012 agricultural market sales excluding the Brazil acquisition were $263.0 million</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">, an increase of 25% from the first quarter of 2012.&#160;&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Sales volume was approximately 12% higher as the result of strong agricultural market demand from OEM and aftermarket customers.&#160;&#160;Sales increased by approximately 13% from price/mix improvements which resulted largely from increased raw material prices that were passed on to customers.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit in the agricultural market was $66.1 million for the first quarter of 2012, as compared to $47.7 million in 2011.&#160;&#160;Income from operations in the agricultural market was $60.7 million for first quarter of 2012, compared to $42.9 million for the first quarter of 2011.&#160;&#160;The Company's gross profit and income from operations benefited from improved plant utilization resulting from the higher sales levels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earthmoving/Construction Segment Results</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's earthmoving/construction market net sales were $104.6 million for the first quarter of 2012, as compared to $66.5 million in 2011,<font style="DISPLAY: inline; TEXT-DECORATION: underline"> an increase of 57%</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Sales increased by approximately 42% as the result of price/mix improvements from stronger demand for larger products used in the mining industry.&#160;&#160;Sales volume increased approximately 15% as a result of increased market demand.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit in the earthmoving/construction market was $22.3 million for the first quarter of 2012, as compared to $8.2 million in 2011.&#160;&#160;The Company's earthmoving/construction market income from operations was $20.4 million for the first quarter of 2012 versus $6.3 million in 2011.&#160;&#160;The Company's gross profit and income from operations benefited from improved plant utilization resulting from the higher sales levels and from the mix changes to larger products that generally carry higher margins.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Segment Results</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Consumer market net sales were $62.7 million for the first quarter of 2012, as compared to $4.3 million in 2011,<font style="DISPLAY: inline; TEXT-DECORATION: underline"> an increase of 1,358%</font>.&#160;&#160;The increase in net sales was primarily the result of the Goodyear Latin American farm tire acquisition agreement, which included supply agreements for certain product sales, which are included in the consumer segment.&#160;&#160;Sales under these agreements were $57.5 million for the quarter ended March&#160;31, 2012.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Excluding these sales, consumer market sales were $5.2 million in the first quarter of 2012.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gross profit from the consumer market was $5.7 million for the first quarter of 2012, as compared to $1.0 million in 2011.&#160;&#160;Consumer market income from operations was $3.1 million for the first quarter of 2012 versus $0.9 million in 2011.&#160;&#160;The Company's increase in gross profit and income from operations primarily resulted from the supply agreements.</font></div>

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<div id="HDR" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity and Capital Resources, page 29</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have reviewed your response to prior comment three from our letter dated May 23, 2012.&#160;&#160;We note that you have added disclosure which states your current plans do not demonstrate a need to repatriate the foreign amounts to fund U.S. operations.&#160;&#160;As we previously requested, please also disclose the fact that if foreign amounts are needed for your operations in the U.S., you would be required to accrue and pay U.S. taxes to repatriate these funds.&#160;&#160;Refer to Item 303(a)(1) of Regulation S-K, SEC Release 33-8350 Section IV and Financial Reporting Codification 501.06.a.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Response to comment 3:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The updated liquidity disclosure for the December 31, 2011, yearend would be as follows (additions are underlined):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIQUIDITY OUTLOOK</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At December 31, 2011, the Company had <a name="5B0767F1DBBCB1CECB9D1AD35DBD14F4"><!--EFPlaceholder--></a>$129.2 million of cash and cash equivalents and $88.0 million of unused availability under the terms of its credit facility.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The cash and cash equivalents balance of $129.2 million includes $2.9 million held in foreign countries.&#160;&#160;The Company&#8217;s current plans do not demonstrate a need to repatriate the foreign amounts to fund U.S. operations.&#160;&#160;However, if foreign funds were needed for U.S. operations, the Company would be required to accrue and pay taxes to repatriate the funds.&#160;&#160;</font>The availability under the Company's $100 million credit facility was reduced by $12.0 million for letters of credit used to provide working capital to our Sao Paulo, Brazil manufacturing facility.&#160;&#160;Titan expects to contribute approximately $7 million to its frozen defined benefit pension plans during 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At March 31, 2012, the Sao Paulo, Brazil facility was being treated as a branch for United States tax purposes.&#160;&#160;Therefore, all earnings of the Brazilian operations are taxed currently in the U.S. and considered in the Company&#8217;s income tax provision as of March 31, 2012.&#160;&#160;Going forward, when the Company has any material foreign cash which it intends to permanently reinvest, a disclosure similar to the updated disclosure above will be made.</font></div>

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