Join        Login             Stock Quote

Titan Machinery (TITN) To Buy Caseih Dealership In Vojvodina Region Of Serbia

 November 20, 2012 03:43 PM

(By Balaseshan) Titan Machinery Inc. (NASDAQ: TITN) said it has agreed with VAIT D.o.o. to acquire a CaseIH dealership in the Vojvodina region of Serbia.

In its most recently reported fiscal year, the CaseIH dealership being acquired reported revenue of about $8.5 million. Serbia is contiguous to Romania and Bulgaria, where Titan Machinery's other international dealerships are located.

Serbia is rich in productive farmland, and agriculture represents approximately 11% of its total gross domestic product, while the agricultural industry employs 26% of the Serbian population. The country's primary crops are wheat, corn, soybeans, sunflowers, and sugar beets.

[Related -Stock Upgrades And Downgrades: ADBE, BBBY, FDO, FTNT, MSFT, TITN, ZUMZ]

"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," said David Meyer, Titan Machinery's Chairman and CEO.

Titan Machinery said it continues to see selective international expansion as a growth platform to complement the company's core business in the Upper Midwest. The acquisition is expected to close on or around December 14, 2012.

Upon the closing of the Serbian acquisition, the Titan Machinery network consists of 104 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.

[Related -Upside Call Buyers Enjoy Gains As Shares In Ciena Corp. Rise]

Titan Machinery owns and operates a network of agricultural and construction equipment stores in the United States and Europe. The company is a retail dealer of CaseIH Agriculture equipment and a retail dealer of New Holland Agriculture, Case Construction and New Holland Construction equipment in the United States.

TITN is trading down 1.84% at $21.29 on Tuesday. The stock has been trading between $18.50 and $36.92 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageGreek Voters Say No, Yanis Varoufakis Says Bye—What Next?

Sunday’s referendum didn’t change much for Greece: It is still in limbo, and it is still too small to upend read on...

article imageIs a Bullish Reversal Brewing for Bond Fund TLT

With stocks testing support and threatening a possible breakdown (reversal), US Treasury prices (measured read on...

article imageIn A World Of Artificial Liquidity – Cash Is King

It's more crucial now than ever for people to consider extracting a portion of cash from their bank read on...

article imageDid The IMF Provide Support To Syriza?

The IMF published yesterday a preliminary analysis on the debt sustainability of the Greek read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.