Titan machinery announces agreement to acquire jewell implement
company, inc.
West fargo, n.d.--(business wire)--titan machinery inc. (nasdaq:titn) announced today that it has entered into a definitive agreement to acquire jewell implement company, inc., a case ih agriculture equipment dealership located in jewell, iowa. the acquisition is expected to close on or around november 1, 2011. situated among the fertile farmland of central iowa, jewell implement is in a prime location to complement titan machinery’s existing dealerships in iowa, including its nearby iowa falls store. in its most recently reported fiscal year, jewell implement generated revenue of approximately $9.8 million. david meyer, titan machinery’s chairman and ceo, said, “we are excited about the addition of jewell implement to the titan machinery network. the vulgamott family, who has owned and operated jewell implement since its founding 49 years ago, has built a loyal customer following and strong heritage of case ih equipment in the jewel market. we look forward to continuing these trends under the titan machinery brand as we implement our strong store operating model into the dealership. we also look forward to continuing the vulgamott family’s tradition of providing local farmers with case ih products supported with best in class after sales parts and service.” 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 the closing of the jewell implement company, inc. acquisition, the titan machinery network will consist of 90 dealerships in north dakota, south dakota, iowa, minnesota, montana, nebraska, wyoming and wisconsin 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 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 jewell implement company, inc. 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 jewell implement company, inc.’s 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.
