Titan Machinery Announces Closing of Acquisition: VAIT D.o.o. in Serbia
WEST FARGO, N.D., December 12, 2012 — Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of VAIT D.o.o., which consists of one Case IH dealership in the Vojvodina region of Serbia.
Serbia is contiguous to Romania and Bulgaria, where Titan Machinery’s other international dealerships are located. Agriculture represents approximately 11% of Serbia’s total gross domestic product, while the agricultural industry employs 26% of its population. The country’s primary crops are wheat, corn, soybeans, sunflowers, and sugar beets. In its most recently reported fiscal year, the Case IH dealership being acquired reported revenue of approximately $8.5 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to expand our operations into Serbia. We look forward to working with our newly acquired dealership’s management and sales team as we apply the Titan Machinery operating model to our newest international location.”