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SMALL BUSINESS
Titan Machinery agrees to buy 2 dealerships
FARGO, N.D. (AP) — Titan Machinery Inc. said Wednesday it agreed to buy two farm equipment dealerships in Iowa for an undisclosed amount.
Titan signed a letter of intent to buy the assets of Oskaloosa Implement Co., which has two Case IH brand agriculture equipment dealerships — one in Pella, Iowa, and another in Oskaloosa, Iowa, adjacent communities some 55 miles southeast of Des Moines.
Closing is set for Nov. 1.
Last year the two dealerships generated revenue of $16.8 million.
Titan Machinery said the Iowa acquisitions will give it a network of 70 full service agricultural and construction equipment stores dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming.
Titan shares rose 7 cents to $12.20 in morning trading Wednesday.