Titan Machinery Closes Acquisition in Serbia

By CnAgri Print

Titan Machinery Inc. announced that it has closed on the previously announced acquisition of VAIT D.o.o., which consists of one CaseIH dealership in the Vojvodina region of Serbia.

Serbia is contiguous to Romania and Bulgaria, where Titan Machinery's other international dealerships are located. Agriculture represents approximately 11% of Serbia's total gross domestic product, while the agricultural industry employs 26% of its population. The country's primary crops are wheat, corn, soybeans, sunflowers, and sugar beets. In its most recently reported fiscal year, the CaseIH dealership being acquired reported revenue of approximately $8.5 million.

David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited to expand our operations into Serbia. We look forward to working with our newly acquired dealership's management and sales team as we apply the Titan Machinery operating model to our newest international location."

Titan Machinery, founded in 1980 and headquartered in West Fargo, 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 and Europe. 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.