Titan Machinery Announces Agreement to Acquire Toner's

Titan Machinery

announced today that it has entered into an agreement to acquire Toner's, which consists of three CaseIH agricultural equipment dealerships located in Grand Island (currently “Toner's, Inc.”), Broken Bow (currently “Red Line Equipment”) and Ord (currently “Ord Equipment”), Nebraska. The acquisition is expected to close on or around November 1, 2012. Toner's three dealerships are strategically located in a diverse agriculture market with the primary crops being corn and soybeans, as well as livestock diversification. Toner's three locations offer synergies with Titan Machinery's existing stores in Kearney, Lexington, North Platte and Hastings, Nebraska and also benefit from agricultural irrigation with water sourced from the Ogallala Aquifer. In its most recently reported fiscal year, Toner's Inc. reported revenues of approximately $44.5 million. David Meyer, Titan Machinery's Chairman and CEO, said, “Toner's Inc. is an excellent addition to the Titan Machinery network. Founder Larry Toner along with his sons Steve and Jim and their teams have built an excellent business. Years of customer support have created a strong heritage and loyal following for the CaseIH Brand. We are also excited to have a CaseIH store located in the same town as the Grand Island CaseIH combine manufacturing plant. We look forward to integrating our new locations into our network and expect that they will be strong top and bottom line contributors to our business.”