Titan Machinery Announces Agreement to Acquire ABC Rental

Document Sample
Titan Machinery Announces Agreement to Acquire ABC Rental Powered By Docstoc
					Titan Machinery Announces Agreement to
Acquire ABC Rental
Acquisition Creates a Strong Platform to Expand the Construction Rental Business

March 21, 2011 08:03 AM Eastern Daylight Time 

FARGO, N.D.--(EON: Enhanced Online News)--Titan Machinery Inc. (NASDAQ:TITN) announced today that it
has entered into a definitive purchase agreement to acquire ABC Rental, an independent rental yard company. The
acquisition consists of four rental equipment locations in Missoula, Bozeman, and Big Sky, Montana, and Williston,
North Dakota. The locations in Missoula, Williston and Bozeman will consolidate with the Titan Machinery existing
Case CE dealerships in their respective markets; leveraging the synergies of both companies. The acquisition is
subject to customary conditions to closing and is expected to close on or around April 1, 2011.

ABC Rental has been in business for over 40 years and has grown into one of the leading rental equipment
companies in Montana. Roland Schumacher, the owner of ABC Rental, is very experienced in the industry and has
tremendous rental operations expertise. Mr. Schumacher will remain with the company upon the closing of the
acquisition.

With locations in southwest Montana as well as western North Dakota, these rental locations are well-positioned to
benefit from the increased activity of the surrounding oil, coal and natural gas exploration and extraction in Montana,
North and South Dakota as well as Wyoming. In its most recently reported fiscal year ended December 31, 2010,
ABC Rental generated revenues of $5.5 million.

David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited about our expansion into the
construction rental business with the acquisition of ABC Rental. The timing of acquisitions coincides with increased
rental demand activity in the industry. Roland Schumacher and his team bring an added rental expertise to the Titan
Machinery operating model. We have been preparing for the right opportunity to expand our rental model and with
ABC Rental as part of the organization the proper growth platform is now in place in this area of our business.” 

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. Upon closing of the ABC Rental acquisition and
consolidation of the three previously mentioned locations, the Titan Machinery network will consist of 81 dealerships
in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores,
representing one or more of the CNH Brands (NYSE:CNH), including Case IH, 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 ABC Rental acquisition and the anticipated closing date of the
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, the timely satisfaction of the considerations to
closing the acquisition, integrating the ABC Rental 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 forward-looking statements.

Contacts
ICR, Inc.
John Mills, 310-954-1105
Senior Managing Director
jmills@icrinc.com

Permalink: http://eon.businesswire.com/news/eon/20110321005096/en

				
DOCUMENT INFO
Shared By:
Tags:
Stats:
views:6
posted:3/21/2011
language:English
pages:2
Description: FARGO, N.D.--(EON: Enhanced Online News)--Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive purchase agreement to acquire ABC Rental, an independent rental yard company. The acquisition consists of four rental equipment locations in Missoula, Bozeman, and Big Sky, Montana, and Williston, North Dakota. The locations in Missoula, Williston and Bozeman will consolidate with the Titan Machinery existing Case CE dealerships in their respective markets; leveragin a style='font-size
EON: Enhanced Online News EON: Enhanced Online News http://eon.businesswire.com
About At EON: Enhanced Online News, we show you how to make your online press release thrive. If you want to drive traffic to your website, generate sales leads, make an announcement, or promote a new product, EON: Enhanced Online News delivers the online visibility that you need. EON: Enhanced Online News powered by Business Wire.