Titan Machinery Inc. (NASDAQ:TITN) owns and operates a network of full service agricultural and construction equipment stores in the United States. Titan Machinery, founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly-acquired locations.
Titan Machinery Inc. announced yesterday that it has entered into a definitive agreement to acquire Van Der Werff Implement, Inc., a Case IH and New Holland agriculture equipment dealership located in Platte, South Dakota. The acquisition is expected to close on or around November 1, 2011.
David Meyer, Titan Machinery's Chairman and CEO, said, ?We are pleased to expand our South Dakota footprint with the acquisition of Van Der Werff Implement. For over 30 years, Van Der Werff Implement has been offering local farmers and ranchers a great selection of Case IH and New Holland equipment and a leading product and service support business and we look forward to building upon their strong tradition.?
Van Der Werff Implement is located in a diverse crop and livestock agriculture region of South Dakota and is well situated to serve the farmers and ranchers in this area. The dealership will benefit from synergies with Titan Machinery's existing South Dakota dealerships in Sioux Falls, Huron, Miller, Highmore and Pierre. In its most recently reported fiscal year, Van Der Werff Implement generated revenue of approximately $9 million.
For more information about Titan Machinery, please visit www.titanmachinery.com
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