Titan Machinery (NASDAQ:TITN) announced today that it has closed on the acquisition of Tri-State Implement, a New Holland brand agriculture equipment dealership located in Sioux Falls, S.D. The acquisition closed on February 28, 2011.
Located in southeast South Dakota, Tri-State Implement has been serving the farming community in Sioux Falls for over 40 years. The dealership is strategically located in a regional trade center and is well-positioned to benefit from the robust agriculture activity in the area.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are very pleased to announce the acquisition of Tri-State Implement. We will benefit from the strong customer relationships that the Mellegard family has built in the Sioux Falls area, and we look forward to continuing their longstanding tradition of providing superior service. This is a large market and we are excited about the growth opportunities."
About Titan Machinery
Titan Machinery, 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. The Titan Machinery network consists of 79 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, a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI)), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery can be found at www.titanmachinery.com.