Titan Machinery Inc. (NASDAQ: TITN) announced today that it has closed on the acquisition of St. Joseph Equipment Inc.'s construction equipment business. The acquisition consists of four construction equipment locations in Shakopee, Hermantown and Elk River, Minnesota, and La Crosse, Wisconsin.
This acquisition expands Titan Machinery's construction equipment footprint throughout Minnesota, solidifies its Case CE business in the state of Minnesota, and represents its entry into the state of Wisconsin. These new dealerships create very strong synergies and market potential in the Minneapolis/St. Paul metro and surrounding areas. In fiscal 2010, St. Joseph Equipment Inc.'s construction revenues were approximately $45 million.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West 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. The Titan Machinery network consists of 87 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wisconsin and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE: CNH), a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI), including 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.