Titan Machinery Inc. Announces Expansion into Germany
Source: Nasdaq GlobeNewswire / 30 Apr 2018 12:00:58 Europe/London
WEST FARGO, N.D., April 30, 2018 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq:TITN), a leading network of full-service agricultural and construction equipment stores, announced today it has entered into a definitive purchase agreement to acquire all interests of two companies, AGRAM Landtechnikvertrieb GmbH and AGRAM Landtechnik Rollwitz GmbH (collectively “AGRAM”), which consist of four Case IH agriculture dealership locations in the following cities of Germany: Burkau, Altranft, Rollwitz and Gutzkow. In its most recent fiscal year, AGRAM generated revenue of approximately $30 million. The acquisition is expected to close in July, 2018.
David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “We are excited to expand our international presence into the large, stable and well-established markets of Germany. Founded in 1990, AGRAM has been a successful Case IH and Steyr dealership complex.”
Mr. Meyer continued, “The AGRAM market is populated with large acre farm units, similar to the progressive farms in our markets in the Balkans and Ukraine, and covers a territory stretching over 300 miles of quality farmland bordering Poland and the Czech Republic. We look forward to joining forces with the current AGRAM management team and employees to continue AGRAM’s long-standing commitment to successfully serve this important market.”
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a leading global dealership with a network of full-service agriculture and construction stores. The network consists of US locations in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and New Mexico, and European locations in Romania, Bulgaria, Serbia, and Ukraine. Each of the Titan Machinery locations represent one or more of the CNH Industrial Brands, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “potential,” “believe,” “estimate,” “expect,” “intend,” “may,” “could,” “will,” “plan,” “anticipate,” and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of our management. Forward-looking statements made herein, which include statements regarding the impact of the AGRAM acquisition, involve known and unknown risks and uncertainties that may cause Titan Machinery’s expectations regarding the acquisition not to be realized. The Company’s risks and uncertainties include, among other things, potential difficulties integrating the acquired AGRAM business into the Company’s operational and management structure. Other risks are more fully described in Titan Machinery’s filings with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Other than required by law, Titan Machinery disclaims any obligation to update such factors or to publicly announce results of revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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