Company Continues to Execute on International Growth Strategy
Titan Machinery Inc. (NASDAQ:TITN) announced today that it has received approval from CNH International SA to form a subsidiary of "NASDAQ-NMS:TITN" Titan Machinery Inc., “Titan Machinery Ukraine, Ltd.,” to serve as a Case IH distributor of agricultural products in the Zhitomir, Chernigov and Vinnitsa regions of Ukraine. The company expects to open new dealerships in these regions.
David Meyer, Titan Machinery’s chairman and CEO, said, “We are excited about the opportunity to further our international presence with the formation of a subsidiary in Ukraine. This complements our existing Eastern Europe Romania and Bulgaria. We have been participating in the Ukraine market through export sales for several years and have developed strong relationships with many of the country’s top producers and believe this expansion of our geographic footprint will generate long-term opportunities for our company.”
Ukraine possesses vast amounts of highly productive farmland, including 30% of the world’s richest black soil. The country’s primary crops and products include wheat, barley, corn, sugar beets, sunflower, rapeseed, beef and milk. In addition, Ukraine has access to the Black Sea, which is critical in facilitating machine and crop logistics, and Ukraine has overland high access crossroads between Europe and Asia.
Peter Christianson, Titan Machinery’s president and COO, stated, “Expanding our operations in Ukraine has been a long-term goal of Titan Machinery’s as there is a robust growth opportunity given the country’s prime location and farmland. Farming conditions in Ukraine are similar to those in North Dakota and Iowa, and there is strong demand for both new and used equipment. We look forward to applying our expertise with Case IH products, parts and after sales support services in Ukraine.”
"NASDAQ-NMS:TITN" 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. Upon the closing of the Toner’s Inc. acquisition, the "NASDAQ-NMS:TITN" Titan Machinery network will consist of 102 North American dealerships in North Dakota South Dakota Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, including two outlet stores, as well as 12 European dealerships in Romania Bulgaria. The "NASDAQ-NMS:TITN" Titan Machinery dealerships represent one or more of the CNH Brands(NYSE: CNH), a majority-owned subsidiary of "Milan:FI" Fiat Industrial Milan, including CaseIH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about "NASDAQ-NMS:TITN" Titan Machinery Inc. can be found at http://cts.businesswire.com www.titanmachinery.com