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TITAN MACHINERY CLOSES ACQUISITION OF NEBRASKA CASE IH DEALER, OPENS TWO STORES IN ROMANIA
Jul. 11, 2012
Source: Titan Machinery Inc. news release
Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of Curly Olney's, Inc., which consists of two Case IH dealerships located in McCook and Imperial, Nebraska. In addition, the Company opened two new Case IH dealerships in Cluj and Roman, Romania.
The Company recently closed the acquisition of Curly Olney's, Inc. Located in southwest Nebraska, Curly Olney's has been in operation since 1968. The dealerships are located on top of the Ogallala Aquifer, one of the world's largest aquifers providing irrigation resources that result in a concentration of intense agriculture, high yields and crop diversification through all weather cycles. In its most recently reported fiscal year, Curly Olney's reported revenue of approximately $40 million.
Regarding the Romanian store openings, the Cluj dealership is strategically located to serve farmers across the central area of Romania. The location will benefit from diverse crops, including corn and barley, among others, and livestock markets. The Roman region in northeast Romania consists of prime agricultural land, due in part to the area's highly productive soil, known as "black soil." The area benefits from strong equipment demand due to a large amount of foreign investment in the region.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited to expand the Titan Machinery footprint in southwest Nebraska with the addition of Curly Olney's as well as continuing our build-out of a complete distribution network in Romania. The Cluj and Roman expansion provides additional scale and market coverage to our eastern European operations. As we evaluate additional opportunities abroad, we continue to execute on our core growth strategy acquiring dealerships in the upper Midwest."
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