Titan machinery closes on acquisition of st. joseph equipment inc.’s
construction equipment business
West fargo, n.d.--(business wire)--titan machinery inc. (nasdaq: titn) announced today that it has closed on the acquisition of st. joseph equipment inc.’s construction equipment business. the acquisition consists of four construction equipment locations in shakopee, hermantown and elk river, minnesota, and la crosse, wisconsin. this acquisition expands titan machinery’s construction equipment footprint throughout minnesota, solidifies its case ce business in the state of minnesota, and represents its entry into the state of wisconsin. these new dealerships create very strong synergies and market potential in the minneapolis/st. paul metro and surrounding areas. in fiscal 2010, st. joseph equipment inc.’s construction revenues were approximately $45 million. 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. the titan machinery network consists of 87 dealerships in north dakota, south dakota, iowa, minnesota, montana, nebraska, wisconsin 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 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 st. joseph construction equipment dealership 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, integrating st. joseph’s construction equipment dealership 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.
