TITN Has Received Approval From CNH International SA

Titan Machinery Inc. (NAS: TITN) announced today that it has received approval from CNH International SA to form a subsidiary of Titan Machinery Inc., "Titan Machinery Ukraine, Ltd.," to serve as a CaseIH distributor of agricultural products in the Kiev, Zhitomir, Chernigov, and Vinnitsa regions of Ukraine. The Company expects to open new dealerships in these regions. David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited about the opportunity to further our international presence with the formation of a subsidiary in Ukraine. This complements our existing Eastern Europe footprint in Romania and Bulgaria. We have been participating in the Ukraine market through export sales for several years and have developed strong relationships with many of the country's top producers and believe this expansion of our geographic footprint will generate long-term opportunities for our company." Ukraine possesses vast amounts of highly productive farmland, including thirty percent of the world's richest black soil. The country's primary crops and products include wheat, barley, corn, sugar beets, sunflower, rapeseed, beef, and milk. In addition, Ukraine has access to the Black Sea, which is critical in facilitating machine and crop logistics, and Ukraine has overland high access crossroads between Europe and Asia. Peter Christianson, Titan Machinery's President and Chief Operating Officer, stated, "Expanding our operations in Ukraine has been a long-term goal of Titan Machinery's, as there is a robust growth opportunity given the country's prime location and farmland. Farming conditions in Ukraine are similar to those in North Dakota and Iowa, and there is strong demand for both new and used equipment. We look forward to applying our expertise with CaseIH products, parts, and after sales support services in Ukraine." Source: Daily Finance