Titan Machinery Inc. has Closed on The Previously Announced Acquisition of Rimex

Titan Machinery Inc. (NASDAQ: TITN) announced that it has closed on the previously announced acquisition of Rimex, which consists of seven Case IH agriculture equipment dealership locations in the following cities in Bulgaria: Sofia, Dobrich, Burgas, Pleven, Ruse, Montana, and Stara Zagora. Bulgaria has a wealth of productive farmland and agriculture is a substantial part of its national economy. Rimex has been in operation since 1990 and began dealing products from the CNH portfolio in 1992. In its most recently reported fiscal year, the seven locations comprising the Rimex network generated revenue of approximately $37 million. Rimex will continue to be managed by its current management team, and the former owner will retain a minority interest in the company. David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to complete our second international acquisition. We look forward to working with Rimex’s team as we expand our footprint in Eastern Europe and further leverage our operating model abroad. ” Source: farm-equipment.com