Titan Machinery Inc. (NASDAQ:TITN) announced today that it has acquired Tucson Tractor Company, consisting of one Case Construction equipment dealership located in Tucson, Arizona.
Tucson Tractor Company is strategically located in southern Arizona and well positioned to serve a five county area. The dealership has been in business for over 45 years and complements the Company’s existing Case Construction equipment dealerships in Phoenix and Flagstaff, Arizona. In its most recently reported fiscal year, Tucson Tractor Company generated revenue of approximately $7 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to expand our construction equipment footprint in the Southwest with the acquisition of Tucson Tractor Company. The dealership is well located to serve a vast area and has strong market potential for new and used construction equipment and parts and service sales, as well as for associated rental demand.”
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 105 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 Tucson Tractor Company 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 Tucson Tractor Company’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.