TITAN MACHINERY : Closes Two Acquisitions: Schoffman's Inc. and ABC Rental
04/04/2011| 08:15am US/Eastern
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Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on
two previously announced acquisitions: Schoffman's Inc. and ABC Rental.
The Schoffman's acquisition consists of one Case IH, agriculture
dealership located in Redwood Falls, Minnesota. The ABC Rental
acquisition consists of four rental equipment locations in Missoula,
Bozeman, and Big Sky, Montana, and Williston, North Dakota. The
locations in Missoula, Williston and Bozeman have consolidated with the
Titan Machinery existing Case CE dealerships in their respective
markets, leveraging the synergies of both companies.
Schoffman's Inc is a fourth generation dealership, and it began
operations in 1895. The dealership is strategically located in the
fertile Minnesota River Valley and is contiguous to Titan Machinery's
Marshall Dealership. In its most recently reported fiscal year ended
January 31, 2011, Schoffman's Inc. generated revenues of approximately
$16 million.
ABC Rental has been in business for over 40 years and has grown into one
of the leading rental equipment companies in Montana. With locations in
southwest Montana as well as western North Dakota, these rental
locations are well-positioned to benefit from the increased activity of
the surrounding oil, coal and natural gas exploration and extraction in
Montana, North and South Dakota as well as Wyoming. In its most recently
reported fiscal year ended December 31, 2010, ABC Rental generated
revenues of $5.5 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. The Titan Machinery network consists of 81 dealerships in
North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and
Wyoming, including two outlet stores, representing one or more of the
CNH Brands (NYSE:CNH), 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
Schoffman's Inc and ABC Rental acquisitions. 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 acquisitions into 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.
ICR, Inc.
John Mills, Senior Managing Director
310-954-1105
jmills@icrinc.com
© Business Wire 2011
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