Titan Machinery Announces Agreement to Acquire Schoffman’s Inc.

FARGO, N.D.--(BUSINESS WIRE)--Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive purchase agreement to acquire Schoffman’s Inc., a fourth generation Case IH, agriculture dealership located in Redwood Falls, MN. The acquisition is subject to customary conditions to closing and is expected to close on or around March 31, 2011.

“I am very pleased to have a company with the history and success of Schoffman’s join the Titan Machinery team. This is an excellent Ag Equipment market and Titan Machinery looks forward to working with Pat Schoffman, the knowledgeable employees and loyal customers in the years ahead.”

Schoffman's Inc. began operations in Morgan, MN in 1895 and was founded by J.W. Hopfenspirger, moved to Clements in 1902, and in 1914, he brought his son, V.C. Hopfenspirger into the business and the name was changed to J.W. Hopfenspirger and Son. In 1957, the dealership was moved to Redwood Falls under the management of F.J. Schoffman and in 1960 the dealership name was changed to Hopfenspirger-Schoffman. In 1981, the dealership name was changed to Schoffman's Inc. and continued to be located in Redwood Falls, MN. Schoffman’s has been successful for over 116 years based on its superior customer service and knowing that its greatest assets are its employees and customers. Fourth Generation owner Patrick Schoffman will continue in a leadership role with Titan Machinery.

The dealership is strategically located in the fertile Minnesota River Valley and is contiguous to Titan Machinery’s Marshall Dealership. In its most recently reported fiscal year ended January 31, 2011, Schoffman’s Inc. generated revenues of approximately $16 million.

David Meyer, Titan Machinery’s Chairman and CEO, said, “I am very pleased to have a company with the history and success of Schoffman’s join the Titan Machinery team. This is an excellent Ag Equipment market and Titan Machinery looks forward to working with Pat Schoffman, the knowledgeable employees and loyal customers in the years ahead.”

About Titan Machinery Inc.

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly acquired locations. The Company owns and operates a network of full-service agricultural and construction equipment stores in the United States. Upon closing of the Schoffman’s Inc. acquisition, the Titan Machinery network will consist of 80 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE:CNH), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.

Forward Looking Statements

Certain statements found in this press release may constitute forward-looking statements as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements are generally identifiable by the terminology used, such as "anticipate," "believe," "intend," "expect," "plan," or other similar words. Our forward-looking statements in this release generally relate to the benefits related to the Schoffman's, Inc., Inc. acquisition and the anticipated closing date of the acquisition. Although it is not possible to foresee all of the factors that may cause actual results to differ from our forward-looking statements, such factors include, among others, the timely satisfaction of the considerations to closing the acquisition, integrating the Schoffman's, Inc. operations with Titan Machinery's existing network and those risks described from time to time in our reports to the Securities and Exchange Commission. Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Stockholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release. We undertake no obligation to update publicly or revise any forward-looking statements.