Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a purchase agreement to acquire Hubbard Implement Inc., a Case IH brand agriculture equipment dealership located in Iowa Falls, Iowa. The acquisition is expected to close on or around June 1, 2010.
Hubbard Implement is well-situated in the fertile farmland in Central Iowa and is strategically located contiguous to Titan Machinery's existing locations in Grundy Center and Waverly, Iowa. In its most recently reported fiscal year, Hubbard Implement generated revenues of approximately $7.9 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "Our new location in Iowa Falls will be an excellent addition to our network. Hubbard Implement has longstanding relationships with farmers in the surrounding area and a reputation of providing its customers with strong product offerings and top-notch service. We look forward to implementing the Titan Operating Model into our newest dealership and continuing its tradition of delivering strong results."
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in Fargo, North Dakota, is a multi-unit business with mature locations and newly acquired locations. The Company owns and operates a network of full service agricultural and construction equipment stores in the United States. Including the Iowa Falls store, the Titan Machinery network consists of 73 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including three outlet stores, representing one or more of the CNH Brands (NYSE:CNH) Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.