Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a letter of intent to acquire the assets of Oskaloosa Implement Co., with two Case IH brand agriculture equipment dealerships located in Pella and Oskaloosa, Iowa. The acquisition is expected to close on November 1, 2009.
Pella and Oskaloosa are adjacent cities located approximately 55 miles southeast of Des Moines and are well-situated to serve Iowa’s farming community. In its most recent fiscal year ended December 31, 2008, the two dealerships generated revenue of $16.8 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited about our newest dealerships in south central Iowa. Iowa is an extremely important agriculture state, and we are pleased to be strengthening the Titan Machinery brand in this key market.
Both the Oskaloosa and Pella dealerships have been in business for over 50 years and have developed strong relationships with their local farming communities. We look forward to continuing these relationships as we integrate these dealerships into our network.”