Titan Machinery Acquires Adobe CE, LLC
WEST FARGO, N.D. -- March 4, 2013
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
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
John Mills, 310-954-1105
Press spacebar to pause and continue. Press esc to stop.