WEST FARGO, N.D., Mar 05, 2012 (BUSINESS WIRE) --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, South Dakota. 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."
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. Upon the closing of the Haberer's Implement acquisition and previously announced the Rimex acquisition, the Titan Machinery network will consist of 95 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, and Colorado including two outlet stores, as well as 9 European dealerships in Romania and Bulgaria. 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 http://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 Haberer's Implement, Inc acquisition and the anticipated closing date of the acquisition. 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 Haberer's Implement, Inc.'s operations with Titan Machinery's existing network 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.
SOURCE: Titan Machinery Inc.
ICR, Inc.
John Mills, jmills@icrinc.com
310-954-1100