The increased parts, service and technical capabilities we bring to the commercial application customers in our highly productive core Agriculture footprint, combined with the long-term business relationships Heartland has developed with the commercial application customers, will be a win/win for Titan Machinery, Heartland, Case IH, and the hundreds of commercial application providers in our core markets."
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Most importantly, this gives Titan Machinery access to the full product line of Case IH application equipment, including self-propelled sprayers and fertilizer applicators, along with incremental sales opportunities to package with tractors, tillage, and construction equipment to the commercial application customer. This transaction is significant for Titan Machinery both in size and strategic fit. Heartland is well diversified with a strong parts & service business that represents approximately 30% of full year 2021 revenues and generated pre-tax margins of 4.2%, presenting a similar profile to that of Titan Machinery's existing business.ĭavid Meyer, Titan Machinery's Chairman and Chief Executive Officer, stated, "We are proud to announce our definitive agreement to acquire Heartland Ag Systems today. Heartland has exclusive distribution agreements across 17 midwestern and northwestern states, supported by 12 retail stores, six of which are within Titan Machinery's existing Agriculture footprint, as well as Agriculture and related commercial application equipment manufacturing at their Hutchinson, MN headquarters. Heartland Ag Systems traces its roots to 1966 and is the largest Case IH Application Equipment distributorship in North America and one of the leading national distributors for sprayer parts and accessories. In the full year period ended December 31, 2021, Heartland generated revenue of $213.9 million and EBITDA of $15.3 million. The Transaction consideration will be comprised predominantly of balance sheet cash. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into definitive purchase agreements to acquire Heartland Ag Systems, Heartland Solutions and related affiliates ("Heartland"), the largest Case IH Application Equipment distributorship in North America providing application-focused solutions for commercial applicators, for an aggregate $110 million, subject to final working capital and other closing adjustments (the "Transaction").
WEST FARGO, N.D., J(GLOBE NEWSWIRE) - Titan Machinery Inc. Investor conference call scheduled for today at 8:30 a.m. Updates fiscal 2023 modeling assumptions for Transaction.
Accretive acquisition of approximately $0.43 in run-rate earnings per share, including revenue synergies. Drives significant value creation and incremental sales opportunities through expanded access to the commercial application customer segment, where Titan did not previously participate. Fawn Creek Kansas Residents - Call us today at phone number 50.Įxactly what to Expect from Midwest Plumbers in Fawn Creek KS?Įxpertise - The traditional concept of pipelines has actually altered with the arrival of modern-day pipes technology.- Strategically provides Titan Machinery access to the Case IH full-line of application equipment products, enhancing competitiveness. We would like to provide you the 5 star experience our customers constantly prepare for. Whether you've searched for a plumber near me or regional plumbing professional, you've found the very best place. We are here for you for any emergency scenario 24 Hr a day, 7 days a week. Our expert specialists are capable of handling any domestic or company plumbing task, despite its size. At Midwest Plumbers, our objective is to provide the absolute best service at a fantastic cost. All you need is a plumbing company that can offer you with assurance by repairing all these issues at an affordable expense. Are you discovering it challenging to manage the never-ending issues concerning your plumbing system? Nearly all homes and commercial business experience this problem, so you are not alone.
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