Titan Machinery Gears Up for Expansion Into Serbia
Nov 27, 2012 (Close-Up Media via COMTEX) --
Titan Machinery Inc. said that it has entered into a definitive agreement with VAIT D.o.o. to acquire a CaseIH dealership in the Vojvodina region of Serbia.
The acquisition is expected to close on or around December 14, the Company noted in a release.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited to expand our Eastern European operations into Serbia. This acquisition will enable us to further leverage our expanding dealership network in the region, which is strategically located near our existing dealerships in Romania and Bulgaria. We continue to see selective international expansion as a growth platform to complement our core business in the Upper Midwest."
Titan said that Serbia is contiguous to Romania and Bulgaria, where its other international dealerships are located. Serbia is rich in productive farmland, and agriculture represents approximately 11 percent of its total gross domestic product, while the agricultural industry employs 26 percent of the Serbian 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.
Peter Christianson, Titan Machinery's President and Chief Operating Officer, said, "Our newly acquired dealership has been serving its market for ten years and has a knowledgeable and experienced management and sales team. We look forward to working with the team and applying the Titan Machinery operating model to our newest international dealership. We continue to be pleased with our success in finding strong international CNH dealerships to join the Titan Machinery network abroad."
Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe.
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