Titan Machinery Inc., a leading network of full-service agricultural and construction equipment stores, today announced plans to divest its dealership operations located in Germany through two separate asset sale transactions. The planned transactions, which involve sales to existing New Holland dealers in the region, support CNH Industrial's dual-brand strategy and align with Titan’s continued focus on optimizing its global footprint for enhanced returns on invested capital.
Bryan Knutson, Titan Machinery’s President and Chief Executive Officer, commented, “Our German operations have faced challenges that have weighed on returns within our Europe operating segment, and these planned transactions allow us to exit the German market in a coordinated manner that supports CNH's strategic objectives. We continually measure and benchmark our competitive position across all of our domestic and international markets, focusing our resources on markets where we can best leverage our operational expertise and service network to provide best-in-class service and support to our customers and deliver improved returns for our shareholders.”
These divestiture transactions are expected to close in the next 120 days, subject to customary closing conditions and regulatory approvals. In aggregate, these transactions are expected to result in a pre-tax loss on sale of approximately $3million to $4 million.
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