WEST FARGO, N.D., March 5, 2012 — Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive agreement to acquire Haberer’s Implement Inc., a Case IH brand agriculture equipment dealership located in Bowdle, S.D. The acquisition is expected to close on or around March 31, 2012.
Haberer’s Implement’s location in north central South Dakota provides excellent access to the expansive geography west of the Missouri River. The dealership will benefit from synergies with Titan Machinery’s existing dealerships in Aberdeen, Wishek, Redfield and Highmore. In its most recently reported fiscal year, Haberer’s Implement generated revenue of $5 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “Haberer’s Implement is strategically located in a diversified crop, livestock, and ranching market. The dealership has been operating under current ownership for 36 years and enjoys strong relationships with farmers and ranchers in the area. We look forward to integrating our new location into our network as we continue to execute on our long-term acquisition strategy.”