Titan International Announces Titan Tire Reclamation Corp. has Signed a Ten Year Service Agreement for the Disposal of Tires
QUINCY, Ill., June 3, 2014 /PRNewswire/ -- Titan Tire Reclamation Corp. (TTRC), a subsidiary of Titan International, Inc. (NYSE: TWI), has been in negotiations with various companies in the oil sands for the disposal of OTR tires and conveyor belting. TTRC will lease ten acres of land from Suncor Energy, north of Fort McMurray, Canada for ten years to operate a pyrolysis system developed by Green Carbon. Green Carbon is controlled by Fred Taylor, brother of Titan International Chairman and CEO, Maurice Taylor.
This system uses 75 percent of gas from tires in a special reactor. Each 59R63 tire produces approximately 500 gallons of oil, 4,000 pounds of carbon black and 2,000 pounds of steel. The oil companies will buy the oil back as bio fuel which can be refined into bio kerosene. The steel is 1075 carbon can be reclaimed for the production of tool bits on shovels and bulldozers. The carbon black byproduct can be reused by Titan Tire. Carbon credits will be generated, yet the amount is unknown at this time. This new system will be up and running by summer of 2015 and will be able to process 100 million pounds of rubber annually.
Chairman and CEO, Maurice Taylor, comments, "TTRC plans to open a second operation west of Edmonton shortly after the initial launch in Fort McMurray. It is TTRC's plan to move on to new locations as acreage becomes available and new customers commit to the process. The Titan team has been working for three years to prove this process and is pleased this is progressing favorably. It is gratifying to move forward as we feel this system is extremely eco-friendly."
Company description: Titan International, Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.
SOURCE Titan International, Inc.