Titan Machinery Inc. TITN announced today that it has completed the
acquisition of Falcon Power Inc., which consists of two Case construction
equipment dealerships located in Phoenix and Flagstaff, Arizona.
Falcon Power's two dealerships are strategically located to provide new and
used construction equipment, parts sales, and services to a seven county area
in Arizona. The dealerships are well positioned to benefit from residential
and infrastructure development activity in the Phoenix and Flagstaff areas. In
its most recently reported fiscal year, Falcon Power Inc. reported revenues of
approximately $5.5 million.
The Company also closed on the previously announced acquisition of Toner's
Inc., which consists of three CaseIH agricultural equipment dealerships
located in Grand Island, Broken Bow, and Ord, Nebraska. 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.
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