On January 3, 2008, Titan Machinery Inc. (NASDAQ:TITN) (NASD: ADF) announced that it has acquired Avoca Implement and Greenfield Implement. Avoca Implement and Greenfield Implement are two CaseIH farm equipment dealerships in Southwest Iowa.
The Avoca dealership was founded more than 60 years ago by the Mez family, and the Greenfield dealership was purchased in 1993. The two dealerships have 43 full-time employees, and as of their most recent fiscal year, they have approximately $34 million in combined revenue.
Jerry Mez stated, “We have admired the success of Titan Machinery throughout the Midwest, and we are excited to be linking our long history with an industry leader.” He continued to comment, “I believe the strong management and financial resources at Titan, combined with our team’s knowledge of the farming communities in Southwest Iowa, will allow these dealerships to continue to provide our customers with the best product offerings and services.”
Titan Machinery CEO, David Meyer commented, “We are pleased to be expanding Titan Machinery’s presence in Iowa with the acquisition of Avoca Implement and Greenfield Implement. The Mez family’s commitment to the IH and CaseIH brands over many decades has resulted in a strong heritage of red equipment. The passion and dedication with which the Avoca and Greenfield teams serve their local communities compliments Titan’s dealership network and we look forward to bringing our combined strengths to better serve the communities of Southwest Iowa.”
Titan Machinery Inc. was founded in 1980 and is headquartered in Fargo, North Dakota. The company owns and operates one of the largest networks of full service agricultural and construction equipment stores in North America, which currently includes 38 dealerships in North Dakota, South Dakota, Minnesota, and Iowa representing one or more of the CNH Brands: CaseIH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital.
In December 2007, Titan Machinery, Inc. also acquired Reiten & Young International, Inc., a farm equipment dealership of CaseIH and New Holland brands. Titan Machinery, Inc. went public on December 06, 2007 and trades on the Nasdaq National Market System under the symbol “TITN.” As of December 10, 2007, there were 13.1 million shares outstanding.
Titan Machinery, Inc’s fiscal year end is Jan 31. The Company will provide financial results for the fourth quarter and year ended January 31, 2008 by April 30. An exact date has not yet been set.
On Jan. 3, 2008, at the close of market, Titan Machinery, Inc.’s stock closed at 14.30, which was +0.70 (5.15%) for the day.
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