WEST FARGO, N.D.--(BUSINESS WIRE)--Dec. 2, 2011-- Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of Jewell Implement Company, Inc., consisting of one Case IH agriculture equipment dealership located in Jewell, Iowa. Jewell Implement is located among the fertile farmland of Central Iowa and complements Titan Machinery's existing dealerships in Iowa, including its nearby Iowa Falls store. In its most recently reported fiscal year, Jewell Implement generated revenue of approximately $9.8 million. 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 AgroExpert acquisition, the Titan Machinery network will consist 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 Jewell Implement Company, Inc. 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 integrating the dealership’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 |