Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive asset agreement to acquire the assets of Valley Equipment Inc., a Case IH brand agriculture equipment dealership in Mayville, N.D. The acquisition is expected to close on June 30, 2009.
Located in the Red River Valley, Mayville is a progressive agricultural community with highly productive soils. Valley Equipment is strategically located between Titan Machinery's Grand Forks and Arthur stores.
In its most recently reported fiscal year, Valley Equipment generated annual revenues of $2.6 million.
David Meyer, Titan Machinery's chairman and CEO, said, "We are excited to bring the Titan Machinery operating model to the Mayville dealership. With its location in some of the best farmland in North America, Valley Equipment has excellent industry potential and experienced and knowledgeable employees. We expect to make an immediate impact in this market with our full line of Case IH equipment and believe that this will be an excellent addition to our network."