Titan Machinery has closed on the previously announced acquisition of certain assets of Fairbanks International Inc. and its affiliates. The acquisition includes six dealerships that offer one or more of the Case IH, New Holland Agriculture and New Holland Construction brands. These dealerships are located in Grand Island, Kearney, Lexington, Holdrege, Hastings, and North Platte, Neb.
The six dealerships in the Fairbanks International network are well-situated along the I-80 corridor in Nebraska, which is some of the most productive agriculture land in the world. Fairbanks acquisition marks Titan Machinery's first agriculture dealerships in Nebraska and complements its construction equipment dealerships in Omaha and Lincoln, Neb. In its most recently reported fiscal year ended December 31, 2009, Fairbanks International and its acquired affiliates generated revenues of approximately $85 million.
Titan, headquartered in West Fargo, N.D., 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. Including the Fairbanks International, Inc. acquisition, the Titan Machinery network consists of 77 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE:CNH), 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.