Titan Machinery
 | |
 Former Titan Machinery dealership in Gillette, Wyoming | |
| Company type | Public |
|---|---|
| Nasdaq: TITN Russell 2000 Component | |
| ISIN | US88830R1014 |
| Industry | Agricultural equipment Construction equipment |
| Founded | 1980, in Wahpeton, North Dakota |
| Headquarters | , United States |
Number of locations | 151 dealerships (2024) |
Area served | |
Key people |
|
| Products | Case IH, New Holland Agriculture, Case CE, New Holland Construction |
| Services | |
| Revenue | US$2.209 billion (2023) |
| US$138.323 million (2023) | |
| US$439.839 million (2023) | |
| Total assets | 1.188 billion (2023) |
Number of employees | over 2,700 (2023) |
| Subsidiaries |
|
| Website | titanmachinery |
Titan Machinery, Inc. is one of the largest dealers of agricultural and construction equipment[1] and claims to be 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
[edit]In 1975, after graduating from college, David Meyer joined the Case Corporation as a product specialist for 4WD tractors. In November of the same year, he began working for the Case dealership Meyer-Jones Farm Store in Wahpeton, North Dakota. In 1976, Meyer and his business partner Darrell Larson became minority shareholders in the company. In September 1977 Larson and Meyer opened a second dealership in Lisbon, North Dakota.
Titan Machinery was founded in 1980 when Meyer and Larson bought out the majority shareholders of Meyer-Jones Farm Store. Darrell Larson left Titan at the end of the 1980s. In the early 1990s, the company began its expansion with acquisitions in La Moure, North Dakota, and Lidgerwood, North Dakota. By 2003, Titan had grown to 13 dealerships after a merger with C.I. Farm Power. Peter and Tony Christianson, owners of C.I. Farm Power, joined Titan Machinery's management. In December 2007 Titan Machinery was taken public with 34 dealerships and US$300 million in revenue at the time.[4][5][1]
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 states Victoria, New South Wales, and South Australia.[12]
In January 2024 Titan Machinery acquired the assets of Scott Supply Co., a Case IH and New Holland dealership in Mitchell, South Dakota.[13]
In October 2023 Titan informed its shareholders, that the long-time CEO David Meyer would take on the role of executive chairman and be succeeded as CEO by Bryan Knutson. The change came into effect February 1, 2024.[14]
Dealership locations
[edit]As of January 31, 2024, Titan Machinery operated a total of 151 dealerships worldwide. 94 of these dealerships were in the United States, 16 dealerships in Australia, 41 locations in Europe[15] and a European headquarters at the Vienna airport.[16]
| Country | State | Number of locations |
|---|---|---|
| Australia | New South Wales | 5 |
| South Australia | 1 | |
| Victoria | 10 | |
| Austria | Niederösterreich | 1 |
| Bulgaria | 8 | |
| Germany | Brandenburg | 1 |
| Mecklenburg-Vorpommern | 5 | |
| Sachsen | 3 | |
| Romania | 14 | |
| Ukraine | 10 | |
| United States | Colorado | 3 |
| Idaho | 6 | |
| Iowa | 15 | |
| Kansas | 1 | |
| Minnesota | 18 | |
| Missouri | 1 | |
| Montana | 1 | |
| Nebraska | 16 | |
| North Dakota | 16 | |
| Washington | 1 | |
| Wisconsin | 2 | |
| Wyoming | 1 | |
| South Dakota | 13 |
References
[edit]- ^ a b "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.
- ^ "Titan Machinery Inc". Hoover's. Retrieved 25 January 2012.
- ^ "Titan Machinery Inc. (TITN) Income Statement - Yahoo Finance". finance.yahoo.com. Retrieved 2023-10-22.
- ^ 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.
- ^ 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.
- ^ "Titan Machinery Announces International Expansion into Romania". Farm Equipment magazine. Retrieved 25 January 2012.
- ^ "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.
- ^ "Titan Machinery Expands Into Serbia". www.farm-equipment.com. 2012-11-20. Archived from the original on 2023-06-09. Retrieved 2023-10-22.
- ^ "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.
- ^ "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.
- ^ "Titan Machinery Moving into Germany". www.agequipmentintelligence.com. 2018-04-30. Archived from the original on 2023-03-28. Retrieved 2023-10-22.
- ^ "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.
- ^ "Titan Machinery Announces Acquisition of Scott Supply, Co". ir.titanmachinery.com. 2024-01-11. Retrieved 2024-02-12.
- ^ 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.
- ^ "FORM 10-K FOR THE FISCAL YEAR ENDED JANUARY 31, 2024 Titan Machinery Inc" (PDF). ir.titanmachinery.com. 2024-04-03. Retrieved 2024-04-04.
- ^ "Austria Location". titanmachinery.at. 2023-10-22. Archived from the original on 2023-06-10. Retrieved 2023-10-22.