Titan To Divest Dealership Ops In Germany

(RTTNews) - Titan Machinery Inc. (TITN), a chain of agricultural and construction equipment stores, Monday announced that it has plans to divest its dealership operations in Germany to existing New Holland dealers in the region of CNH Industrial N.V. (CNH), a farm equipment and services company.

There will be two separate sale transactions and the divestiture is expected to close in the next 120 days. The company expects a pre-tax loss on sale of around $3million to $4 million.

"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.", commented Bryan Knutson, Titan Machinerys, Chief Executive Officer.

Financial terms of the transaction have not been disclosed.

On Friday, Titan shares closed at $15.81, down 2.04% on the Nasdaq and in pre-market activity CNH shares were trading at $9.78, up 1.24% on the New York Stock exchange