Titan Machinery Inc. announces the acquisition of Jaycox Implement, Inc.


WEST FARGO, ND, Oct 20, 2021 (GLOBE NEWSWIRE) – Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service farm and construction equipment stores, today announced that it has entered into an agreement to final purchase to acquire the assets of Jaycox Implement, Inc. (“Jaycox”), which consists of three full-line Case IH agricultural dealers located in Worthington, MN, Luverne, MN and Lake Park, IA. During the twelve month period ended June 30, 2021, Jaycox generated revenues of approximately $ 91 million. The acquisition is expected to be finalized in December 2021 and have an immediate impact on diluted earnings per share.

David Meyer, President and CEO of Titan Machinery, said, “The acquisition of the Jaycox dealer network in southwest Minnesota and northwest Iowa is a perfect complement to our current presence in the heart of this highly productive region. Jaycox has been a fixture in this market since 1956, has a team of talented and experienced employees, an excellent population of Case IH equipment and is well known for its focus on customer service. We aim to build on this legacy with our additional resources and look forward to integrating their team and clients into the Titan family. “

About Titan Machinery Inc.

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, owns and operates a network of full-service agriculture and construction equipment dealers in North America and Europe. The network consists of U.S. locations in Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and its European stores are located in Bulgaria, Germany, Romania, Serbia and Ukraine. The Titan Machinery sites represent one or more brands of CNH Industrial, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction and CNH Industrial Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.

Forward-looking statements

Except for historical information contained in this press release, the statements contained in this press release are forward-looking and made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “potential”, “believe “,” Estimate “,” expect “,” intend “,” may “,” could “,” will “,” plan “,” anticipate “, and similar words and expressions are intended to identify forward-looking statements. These statements are based on the beliefs and current expectations of our management. Forward-looking statements contained in this press release, which may include statements regarding initiatives and improvements in the Agriculture, Construction and International segments, the achievement of segment revenues, growth and profitability expectations, inventory expectations, leverage expectations, agricultural and construction equipment industry conditions and trends, and expected modeling assumptions and operating results for the year ending January 31, 2022, involve risks and known and unknown uncertainties which may cause Titan Machinery’s actual results for current or future periods to differ materially from assumptions and expected results. The Company’s risks and uncertainties include, among others, the duration, extent and impact of the COVID-19 pandemic on the Company’s operations, substantial dependence on a single distributor, continued availability of organic growth and acquisition opportunities, potential difficulties in integrating store acquisitions, industry supply levels, fluctuations in the economics of agriculture and construction, success recent initiatives implemented in the Company’s operating sectors, uncertainty and fluctuating conditions in the capital and credit markets, difficulties in conducting international operations, currency risks, government agriculture policies, seasonal fluctuations, the Company’s ability to reduce inventory levels, weather conditions, disruption in obtaining sufficient inventory funding and t increased competition in the geographic areas served. These and other risks are described in more detail in documents filed by Titan Machinery with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K, as updated in the reports. quarterly subsequently filed on Form 10-Q, if applicable. Titan Machinery operates in a highly competitive and rapidly changing environment. As a result, new risk factors may appear. It is not possible for management to predict all of these risk factors, nor to assess the impact of all of these risk factors on Titan Machinery’s business or the extent to which an individual risk factor, or a combination of it. factors, may lead to results materially different from those contained in any forward-looking statement. Except as required by law, Titan Machinery disclaims any obligation to update these factors or to publicly announce the results of revisions to any of the forward-looking statements contained in this press release to reflect events or developments. future developments.

Investor Relations Contact:
ICR, Inc.
Jeff Sonnek, [email protected].
General manager

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