Titan Machinery to divest German dealership ops
Titan expects pre-tax loss of $3M to $4M
Agriculture and construction equipment dealership Titan Machinery plans to divest its operations in Germany to New Holland dealers in the region through two asset sales.
West Fargo, N.D.-based Titan Machinery anticipates a pre-tax loss on the sales of $3 million to $4 million, according to a Nov. 10 company release. The transaction is expected to close within 120 days pending customary conditions and regulatory approvals.
The sales align with New Holland and Case parent company CNH Industrial’s dual-brand strategy and Titan’s goal of optimizing its global footprint to improve returns on invested capital.
“Our German operations have faced challenges that have weighed on returns within our Europe segment,” Titan Machinery President and Chief Executive Bryan Knutson stated in the release. “These planned transactions allow us to exit the market in a coordinated manner that supports CNH’s strategic objectives. We’re focused on deploying resources where we can best leverage our expertise to deliver top-tier service and stronger returns for shareholders.”
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