Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of VAIT D.o.o., which consists of one CaseIH dealership in the Vojvodina region of Serbia.
Serbia is contiguous to Romania and Bulgaria, where Titan Machinery’s other international dealerships are located. Agriculture represents approximately 11% of Serbia’s total gross domestic product, while the agricultural industry employs 26% of its population. The country’s primary crops are wheat, corn, soybeans, sunflowers, and sugar beets. In its most recently reported fiscal year, the CaseIH dealership being acquired reported revenue of approximately $8.5 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to expand our operations into Serbia. We look forward to working with our newly acquired dealership’s management and sales team as we apply the Titan Machinery operating model to our newest international location.”
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 104 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, and Arizona, including two outlet stores, and 13 European dealerships in Romania, Bulgaria, and Serbia. 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 CaseIH, 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 Serbia acquisition and our 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, integrating the Serbia acquisition’s 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.
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