Titan Machinery, Inc.
TypePublic
Nasdaq: TITN
Russell 2000 Component
ISINUS88830R1014
IndustryAgricultural equipment
Construction equipment
Founded1980 (1980) in Wahpeton, North Dakota
Headquarters
West Fargo, North Dakota
,
United States
Number of locations
123 dealerships (2023)
Area served
Key people
  • David Meyer (CEO)
  • Robert Larsen (CFO)
  • Bryan Knutson (COO)
ProductsCase IH, New Holland Agriculture, Case CE, New Holland Construction
Services
RevenueUS$2.209 billion (2023)
US$138.323 million (2023)
US$439.839 million (2023)
Total assets1.188 billion (2023)
Number of employees
over 2,700 (2023)
Subsidiaries
  • Heartland Agriculture, LLC
  • Heartland Solutions, LLC
  • Heartland Leveraged Lender, LLC
  • J.J. O'Connor & Sons Pty. Ltd.
  • Titan Machinery Austria GmbH
  • Titan Machinery Bulgaria EAD
  • Titan Machinery Deutschland GmbH
  • Titan Machinery Romania SRL
  • Titan Machinery Ukraine, LLC
Websitetitanmachinery.com

Titan Machinery is one of the largest dealers of agricultural and construction equipment[1] and the largest dealer for the CNH Industrial brands (Case IH, Case CE, New Holland Agriculture, New Holland Construction) in the world. It is based in West Fargo, North Dakota and has locations throughout the Midwestern United States, Australia, Austria, Bulgaria, Germany, Romania and Ukraine. The company is publicly traded on NASDAQ using the symbol TITN.[2] As of 2023, the company reported a total revenue of US$2.209 billion.[3]

History

Titan Machinery was founded in 1980 by its long-time CEO David Meyer and a partner. They started the company with two dealerships in Wahpeton, North Dakota and Lisbon, North Dakota. By 2003 Titan had grown to 13 dealerships.[4] In December 2007 Titan Machinery was taken public with 34 dealerships and US$300 million in revenue at the time.[5]

In late 2011 Titan Machinery expanded into Eastern Europe with its purchase of two Case IH dealerships in Bucharest and Timișoara, Romania.[6] In February 2012 the company acquired seven dealerships in Bulgaria[7] and one dealership in Serbia in December 2012.[8]

After receiving approval from CNH Industrial, Titan Machinery opened its first dealership in Vinnitsa, Ukraine on February 18, 2014.[9]

Following declining revenue in its agricultural equipment business, Titan closed 3 stores in South Dakota and Wyoming in March 2015 and reduced its workforce by 14% through layoffs, store closings and open positions not being filled.[10]

On April 30, 2018, Titan Machinery announced its acquisition of Agram Landtechnikvertrieb GmbH and its 5 Case IH dealerships in Mecklenburg-Vorpommern, Brandenburg and Saxony in Germany.[11]

In August 2023 the company announced its strategic acquisition of J.J. O’Connor & Sons Pty. Ltd. (“O’Connors”), the largest Case IH dealership group in Australia, for US$63 million. O'Connors has 15 dealership locations in the southeastern regions of Victoria, New South Wales, and South Australia.[12]

In October 2023 Titan informed its shareholders, that the long-time CEO David Meyer will take on the role of executive chairman and be succeeded as CEO by the current COO Bryan Knutson, effective February 1, 2024.[13]

As of January 31, 2023, Titan Machinery operates a total of 123 dealerships worldwide. 86 of these dealerships are in the United States, located in Colorado (3 locations), Idaho (1 location), Iowa (15 locations), Kansas (1 location), Minnesota (16 locations), Missouri (1 location), Montana (1 location), Nebraska (16 locations), North Dakota (16 locations), Washington (1 location), Wisconsin (2 locations), Wyoming (1 location) and South Dakota (12 locations), as well as 37 European dealerships in Bulgaria (7 locations), Germany (7 locations), Romania (14 locations) and Ukraine (9 locations)[14] and a European headquarters at the Vienna airport.[15]

References

  1. ↑ "Farm Equipment 100 - North America's Largest Dealer Groups" (PDF). farm-equipment.com. 2023-10-22. Archived (PDF) from the original on 2023-06-07. Retrieved 2023-10-22.
  2. ↑ "Titan Machinery Inc". Hoover's. Retrieved 25 January 2012.
  3. ↑ "Titan Machinery Inc. (TITN) Income Statement - Yahoo Finance". finance.yahoo.com. Retrieved 2023-10-22.
  4. ↑ Lessiter, Mike (2017-12-17). "Titan CEO Reflects on Company History Through the IPO". www.farm-equipment.com. Archived from the original on 2023-05-23. Retrieved 2023-10-22.
  5. ↑ Lessiter, Mike (2017-12-15). "Titan Machinery: 10 Years After the IPO". www.farm-equipment.com. Archived from the original on 2023-03-30. Retrieved 2023-10-22.
  6. ↑ "Titan Machinery Announces International Expansion into Romania". Farm Equipment magazine. Retrieved 25 January 2012.
  7. ↑ "Titan Machinery Expands into Bulgaria with Acquisition of Seven Stores". www.farm-equipment.com. 2012-02-13. Archived from the original on 2022-06-27. Retrieved 2023-10-22.
  8. ↑ "Titan Machinery Expands Into Serbia". www.farm-equipment.com. 2012-11-20. Archived from the original on 2023-06-09. Retrieved 2023-10-22.
  9. ↑ "Grand Opening of dealership in Ukraine further strengthens co-operation between Case IH and Titan Machinery". CNH Industrial Newsroom. 2014-02-20. Archived from the original on 2023-10-22. Retrieved 2023-10-22.
  10. ↑ "Titan Machinery Laying Off Workers and Closing Stores". www.farm-equipment.com. 2015-03-11. Archived from the original on 2015-05-12. Retrieved 2023-10-22.
  11. ↑ "Titan Machinery Moving into Germany". www.agequipmentintelligence.com. 2018-04-30. Archived from the original on 2023-03-28. Retrieved 2023-10-22.
  12. ↑ "Titan Machinery Announces Strategic Acquisition of O'Connors in Australia". www.farm-equipment.com. 2023-08-30. Archived from the original on 2023-09-20. Retrieved 2023-10-22.
  13. ↑ Eckelkamp, Margy (2023-10-18). "Titan Machinery Announces Co-Founder David Meyer's CEO Succession Plan". AgWeb. Archived from the original on 2023-10-18. Retrieved 2023-10-22.
  14. ↑ "2023 Annual Report" (PDF). 2023-03-30. Archived (PDF) from the original on 2023-10-22.
  15. ↑ "Austria Location". titanmachinery.at. 2023-10-22. Archived from the original on 2023-06-10. Retrieved 2023-10-22.
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