By Business Wire, March 04, 2013, 08:00:00 AM EDT
WEST FARGO, N.D.--(BUSINESS WIRE)--
Titan Machinery Inc. (NASDAQ:TITN) announced today that it has acquired
Adobe CE, LLC, consisting of one Case Construction equipment dealership
located in Albuquerque, New Mexico.
The Albuquerque location represents the Company's first dealership in
New Mexico. The dealership is strategically located in Albuquerque to
serve a twenty county area. In its most recently reported fiscal year,
Adobe CE, LLC generated revenue of approximately $8 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited
to expand our construction equipment footprint into New Mexico, and we
look forward to establishing our brand in this new market. New Mexico is
strategically located between our Colorado and Arizona markets and has
good market potential for new and used construction equipment and parts
and service sales, as well as for associated rental demand. With this
acquisition, Titan Machinery now has a contiguous Case Construction
footprint from Arizona to the Canadian border."
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 106
North American dealerships in North Dakota, South Dakota, Iowa,
Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and
New Mexico, 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 Adobe
CE, LLC acquisition. 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 Adobe CE,
LLC's operations with 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.
Source: Titan Machinery Inc.