Company type | Public |
---|---|
Nasdaq: TITN Russell 2000 Component | |
ISIN | US88830R1014 |
Industry | Agricultural equipment Construction equipment |
Founded | 1980Wahpeton, North Dakota | in
Headquarters | , |
Number of locations | 151 dealerships (2024) |
Area served | |
Key people |
|
Products | Case IH, New Holland Agriculture, Case CE, New Holland Construction |
Services | |
Revenue | US$2.209 billion (2023) |
US$138.323 million (2023) | |
US$439.839 million (2023) | |
Total assets | 1.188 billion (2023) |
Number of employees | over 2,700 (2023) |
Subsidiaries |
|
Website | titanmachinery |
Titan Machinery is one of the largest dealers of agricultural and construction equipment [1] and claims to be the largest dealer for the CNH Industrial brands (Case IH, Case CE, New Holland Agriculture, New Holland Construction) in the world. It is based in West Fargo, North Dakota and has locations throughout the Midwestern United States, Australia, Austria, Bulgaria, Germany, Romania and Ukraine. The company is publicly traded on NASDAQ using the symbol TITN. [2] As of 2023, the company reported a total revenue of US$2.209 billion. [3]
In 1975, after graduating from college, David Meyer joined the Case Corporation as a product specialist for 4WD tractors. In November of the same year, he began working for the Case dealership Meyer-Jones Farm Store in Wahpeton, North Dakota. In 1976, Meyer and his business partner Darrell Larson became minority shareholders in the company. In September 1977 Larson and Meyer opened a second dealership in Lisbon, North Dakota.
Titan Machinery was founded in 1980 when Meyer and Larson bought out the majority shareholders of Meyer-Jones Farm Store. Darrell Larson left Titan at the end of the 1980s. In the early 1990s, the company began its expansion with acquisitions in La Moure, North Dakota, and Lidgerwood, North Dakota. By 2003, Titan had grown to 13 dealerships after a merger with C.I. Farm Power. Peter and Tony Christianson, owners of C.I. Farm Power, joined Titan Machinery's management. In December 2007 Titan Machinery was taken public with 34 dealerships and US$300 million in revenue at the time. [4] [5] [1]
In late 2011 Titan Machinery expanded into Eastern Europe with its purchase of two Case IH dealerships in Bucharest and Timișoara, Romania. [6] In February 2012 the company acquired seven dealerships in Bulgaria [7] and one dealership in Serbia in December 2012. [8]
After receiving approval from CNH Industrial, Titan Machinery opened its first dealership in Vinnitsa, Ukraine on February 18, 2014. [9]
Following declining revenue in its agricultural equipment business, Titan closed 3 stores in South Dakota and Wyoming in March 2015 and reduced its workforce by 14% through layoffs, store closings and open positions not being filled. [10]
On April 30, 2018, Titan Machinery announced its acquisition of Agram Landtechnikvertrieb GmbH and its 5 Case IH dealerships in Mecklenburg-Vorpommern, Brandenburg and Saxony in Germany. [11]
In August 2023 the company announced its strategic acquisition of J.J. O’Connor & Sons Pty. Ltd. (“O’Connors”), the largest Case IH dealership group in Australia, for US$63 million. O'Connors has 15 dealership locations in the southeastern states Victoria, New South Wales, and South Australia. [12]
In January 2024 Titan Machinery acquired the assets of Scott Supply Co., a Case IH and New Holland dealership in Mitchell, South Dakota. [13]
In October 2023 Titan informed its shareholders, that the long-time CEO David Meyer would take on the role of executive chairman and be succeeded as CEO by Bryan Knutson. The change came into effect February 1, 2024. [14]
As of January 31, 2024, Titan Machinery operated a total of 151 dealerships worldwide. 94 of these dealerships were in the United States, 15 dealerships in Australia, 41 locations in Europe [15] and a European headquarters at the Vienna airport. [16]
Country | State | Number of locations |
---|---|---|
Australia | New South Wales | 1 |
South Australia | 4 | |
Victoria | 10 | |
Austria | Niederösterreich | 1 |
Bulgaria | 8 | |
Germany | Brandenburg | 1 |
Mecklenburg-Vorpommern | 5 | |
Sachsen | 3 | |
Romania | 14 | |
Ukraine | 10 | |
United States | Colorado | 3 |
Idaho | 6 | |
Iowa | 15 | |
Kansas | 1 | |
Minnesota | 18 | |
Missouri | 1 | |
Montana | 1 | |
Nebraska | 16 | |
North Dakota | 16 | |
Washington | 1 | |
Wisconsin | 2 | |
Wyoming | 1 | |
South Dakota | 13 |
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
The International Harvester Company was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household equipment, and more. It was formed from the 1902 merger of McCormick Harvesting Machine Company and Deering Harvester Company and three smaller manufacturers: Milwaukee; Plano; and Warder, Bushnell, and Glessner. Its brands included McCormick, Deering, and later McCormick-Deering, as well as International. Along with the Farmall and Cub Cadet tractors, International was also known for the Scout and Travelall vehicle nameplates. In the 1980s all divisions were sold off except for International Trucks, which changed its parent company name to Navistar International.
AGCO Corporation is an American agricultural machinery manufacturer headquartered in Duluth, Georgia, United States. It was founded in 1990. AGCO designs, produces and sells tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment.
Larsen & Toubro Limited, abbreviated as L&T, is an Indian multinational conglomerate, with interests in engineering, construction, manufacturing, technology, information technology, military and financial services. It is headquartered in Mumbai, Maharashtra.
Case IH is an American agricultural machinery manufacturer. It was created in 1985 when Tenneco bought selected assets of the agricultural division from International Harvester and merged it into its J.I. Case Company. Today Case IH is owned by CNH Industrial, an American-Italian corporation.
Case Construction Equipment is an Italian manufacturer of construction machinery. Along with CASE IH, Case Construction Equipment is a brand of CNH. Case produces construction equipment including excavators, motor graders, wheel loaders, vibratory compaction rollers, crawler dozers, skid steers, and compact track loaders.
The Case Corporation was a manufacturer of agricultural machinery and construction equipment. Founded, in 1842, by Jerome Increase Case as the J. I. Case Threshing Machine Company, it operated under that name for most of a century. For another 66 years it was the J. I. Case Company, and was often called simply Case. In the late 19th century, Case was one of America's largest builders of steam engines, producing self-propelled portable engines, traction engines and steam tractors. It was a major producer of threshing machines and other harvesting equipment. The company also produced various machinery for the U.S. military. In the 20th century, Case was among the ten largest builders of farm tractors for many years. In the 1950s its construction equipment line became its primary focus, with agricultural business second.
New Holland is a global full-line agricultural machinery manufacturer founded in New Holland, Pennsylvania, and now based in Turin, Italy. New Holland's products include tractors, combine harvesters, balers, forage harvesters, self-propelled sprayers, haying tools, seeding equipment, hobby tractors, utility vehicles and implements, and grape harvesters. Originally formed as the New Holland Machine Company in 1895, the company is now owned by CNH Industrial N. V., a company incorporated in the Netherlands.
McCormick Tractors International Ltd. is the agricultural machinery company formed in 2000 when Case IH divested assets in order to gain European Union regulatory approval to merge with New Holland Ag. The initial assets of McCormick bought by ARGO SpA were the Case IH tractor manufacturing plant in Doncaster, England, the rights to the Case IH model C, CX and MX-C and a licence to build MX Maxxum tractors. Most of the remainder of the Case IH and New Holland assets became CNH Global. The tractors are named for the McCormick family of Chicago and Virginia.
ARGO SpA is a family-owned Italian holding company owned by the Morra family that manufactures agricultural machinery. Founded by Valerio Morra in 1980, the company is based in Fabbrico, Emilia-Romagna, Italy. ARGO main products are tractors and combine harvesters.
Agricultural machinery relates to the mechanical structures and devices used in farming or other agriculture. There are many types of such equipment, from hand tools and power tools to tractors and the countless kinds of farm implements that they tow or operate. Diverse arrays of equipment are used in both organic and nonorganic farming. Especially since the advent of mechanised agriculture, agricultural machinery is an indispensable part of how the world is fed. Agricultural machinery can be regarded as part of wider agricultural automation technologies, which includes the more advanced digital equipment and robotics. While agricultural robots have the potential to automate the three key steps involved in any agricultural operation, conventional motorized machinery is used principally to automate only the performing step where diagnosis and decision-making are conducted by humans based on observations and experience.
Hemisphere GNSS designs and manufactures precision global positioning system and global navigation satellite system products and technology for positioning, heading, guidance, navigation, machine control, and L-band correction service applications. Its products and technology are used in agricultural, marine, surveying, GIS mapping, and machine control markets.
NORTRAX, Inc. is an American corporation with headquarters in Mississauga, Ontario., Laval, Quebec. and Westbrook, Maine. Nortrax is a subsidiary of machinery manufacturer John Deere.
Raven Industries, Inc. is an American company that makes precision agriculture products and information management tools for growers. Before a series of acquisitions in 2021, it also had an Engineered Films segment that produced plastic films for various agricultural and industrial applications, as well as an Aerostar segment that designed and manufactured high-altitude balloons, tethered aerostats, and radar systems, and sold military parachutes, uniforms, and protective wear. The company was founded in 1956 and headquartered in Sioux Falls, South Dakota. Its stock was traded on Nasdaq until 2021 when it was acquired by CNH Industrial.
The Titan Tire Corporation is an American tire corporation formed in 1993 by Maurice M. Taylor Jr., then owner of Titan Wheel, purchased the Dyneer Corporation, manufacturer various off-road tires. Titan is one of the largest manufacturer of off-road tires in North America. It continued expanding its product offering and reach by purchasing the off-road tire assets of Pirelli Armstrong Tire Corporation in 1994. In 1997, Titan International split Titan Tire Corporation into subsidiary of(NYSE: TWI).
A driverless tractor is an autonomous farm vehicle that delivers a high tractive effort at slow speeds for the purposes of tillage and other agricultural tasks. It is considered driverless because it operates without the presence of a human inside the tractor itself. Like other unmanned ground vehicles, they are programmed to independently observe their position, decide speed, and avoid obstacles such as people, animals, or objects in the field while performing their task. The various driverless tractors are split into full autonomous technology and supervised autonomy. The idea of the driverless tractor appears as early as 1940, but the concept has significantly evolved in the last few years. The tractors use GPS and other wireless technologies to farm land without requiring a driver. They operate simply with the aid of a supervisor monitoring the progress at a control station or with a manned tractor in lead.
CNH Industrial N.V. is an Italian-American multinational corporation with global headquarters in Basildon, United Kingdom, but controlled and mostly owned by the multinational investment company Exor, which in turn is controlled by the Agnelli family. The company is listed on the New York Stock Exchange. The company is incorporated in the Netherlands. The seat of the company is in Amsterdam, Netherlands, with a principal office in London, England.
The agricultural machinery industry or agricultural engineering industry is the part of the industry, that produces and maintain tractors, agricultural machinery and agricultural implements used in farming or other agriculture. This branch is considered to be part of the machinery industry.
Hubertus Michael Mühlhäuser is a business executive. He is a former CEO of CNH Industrial and Welbilt. Previously, he held senior positions at Karl-H. Mühlhäuser GmbH, AGCO Corporation, and Arthur D. Little.
{{cite web}}
: CS1 maint: url-status (link)