Titan Machinery Announces Bulgaria Expansion

US company Titan Machinery announced on Tuesday that it has entered into a definitive purchase agreement to acquire a majority interest of Rimex that consists of seven Case IH agriculture equipment dealership locations in Bulgaria.

The dealership locations of Rimex are in Sofia, Dobrich, Burgas, Pleven, Ruse, Montana, and Stara Zagora. The acquisition is expected to close in March, 2012.

Upon the closing of the Rimex acquisition, the Titan Machinery network will consist of 91 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, as well as 9 European dealerships in Romania and Bulgaria.

"We are excited to expand our international presence with the acquisition of Rimex. This acquisition will enable us to leverage our operations in Eastern Europe following our recent expansion into Romania and further capitalize on the global agriculture economy to complement our core growth efforts in the Upper Midwest," David Meyer, Titan Machinery's Chairman and CEO, said in a statement.

Peter Christianson, Titan Machinery's President and Chief Operating Officer, stated, "Over the past twenty years, the Rimex team has built a strong dealership network with strategic locations throughout Bulgaria and cultivated relationships with farmers all over the country. We look forward to working with Rimex's team and applying the Titan Operating Model to the dealerships as we grow our international footprint. We are confident that these dealerships will contribute to our top and bottom line growth."

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