GAIN ON EARTHQUAKE INSURANCE RECOVERY
Gain on earthquake insurance recovery consisted of the following (amounts in thousands):
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| | | | | | | | | | | |
| 2013 | | 2012 | | 2011 |
Gain on earthquake insurance recovery | $ | 22,451 |
| | $ | — |
| | $ | — |
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Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe. The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the U.S. owned by Titan and competitors. In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million.
