Company Completes Acquisition of First International Dealership
WEST FARGO, N.D. — (BUSINESS WIRE) — December 28, 2011 — Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of the business of AgroExpert, which consists of two Case IH agriculture equipment dealerships, located in Bucharest and Timisoara, Romania.
Romania is one of Europe’s leading agricultural producers, and the country’s agriculture as a percentage of gross domestic product is among the highest in Europe, according to the World Bank. Bucharest and Timisoara are Romania’s first and fourth most populated cities, respectively. AgroExpert has been in operation since 2006 and in its most recently completed fiscal year, it generated revenues of approximately $14 million. AgroExpert will continue to be managed by the existing management team, which is also retaining a minority interest in the company.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to complete the acquisition of our first international dealerships. The team at AgroExpert has strong knowledge and experience in their local markets, and we look forward to working with them as we establish our presence abroad. The global agriculture economy is a great opportunity for us to leverage our operating model and dealership experience with an additional growth platform of international expansion that complements our growth efforts in our core markets of the Upper Midwest.”
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 and Europe. The Titan Machinery network consists of 91 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, as well as 2 European dealerships in Romania. The Titan Machinery dealerships represent 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.
Source: Titan Machinery Inc.