25.04.2012

Titan on the move

We have been alerted to a rapidly expanding US distribution company -Titan Machinery- with big plans, both in the USA and overseas.

The company is based in Fargo, North Dakota and operates 96 Agricultural and construction locations across the nine states of Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and has added nine locations in Romania and Bulgaria.

It represents Grove, Wacker Neuson, Pettibone and National Crane, although its main lines are Case and New Holland.

The current company was founded in 1980, but has roots in two of its business that date back over 100 years. It is currently growing at a rapid pace and has raised substantial funds for further acquisitions.

Publicly quoted, it had revenues of $1.66 billion in 2011, up over 52 percent on 2010, most of its revenues come from equipment sales and service, although it has a modest rental operation. Construction currently only represents 17 percent of its revenues at $279 million last year, but they grew almost twice as fast as its agricultural revenues, jumping 83 percent. Further construction equipment acquisitions during the year could see this pace continue in 2012.

Pre-tax profit for 2011 was $73.6 million, almost double the $37.2 million achieved in 2010.
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Titan Machinery's HQ

We are adding the company’s stock to our stock market listing and will be following the business during 2012, when predictions are that it will achieve revenues in excess of $2 billion.