WEST FARGO, N.D.--Titan Machinery Inc. (NASDAQ:TITN) has entered into a 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 the previously announced Adobe Truck & Equipment and the Rimex acquisitions, 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 www.titanmachinery.com.