WEST FARGO, N.D.--(BUSINESS WIRE)--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.
Forward Looking Statements
Certain statements found in this press release may constitute forward-looking statements as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements are generally identifiable by the terminology used, such as "anticipate," "believe," "intend," "expect," "plan," or other similar words. Our forward-looking statements in this release generally relate to the benefits related to the AgroExpert acquisition and the Company’s national and international growth plans. Although it is not possible to foresee all of the factors that may cause actual results to differ from our forward-looking statements, such factors include, among others, the timely satisfaction of the considerations to closing the acquisition, integrating AgroExpert operations with Titan Machinery's existing network, our ability to execute on our national and international growth plans, our ability to implement our business model in non-U.S. markets, our ability to successfully operate under foreign government regulations, the effect of fluctuations in currency exchange rates, changes to tariffs and trade restrictions, changes to political or economic conditions in the markets in which we do business and those risks described from time to time in our reports to the Securities and Exchange Commission. Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Stockholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release. We undertake no obligation to update publicly or revise any forward-looking statements.