Titan Machinery Consolidating
Heavy equipment distributor Titan Machinery Inc. said it will close seven construction machinery stores and consolidate one farm equipment store into an existing dealership. The Fargo, ND headquartered company said it would also cut about 12 percent of the jobs in its construction unit, as the company posted a 10 percent drop in quarterly revenue.
The construction stores to be closed are in Bozeman, Big Sky and Helena, Mont.; Cheyenne, Wy.; Clear Lake, Ia.; Flagstaff, Ariz.; and Rosemount, Minn. The company also said it is consolidating one agriculture store in Oskaloosa, Ia., into an existing Titan agriculture dealership.
Prior to the announcement, Titan had 105 North American dealerships in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Wisconsin and Wyoming as well as 14 European dealerships in Bulgaria, Romania, Serbia, and Ukraine.
The planned job cuts represent about 4.5 percent of the company's total workforce. Titan had 2447 full-time and 336 part-time employees as of April 2013. Titan is a dealer for Case IH, Case Construction, New Holland, and New Holland Construction. Titan also represents Titan Rentals, Titan Aggregate and a variety of shortline equipment.
The company's revenue fell to $708.6 million in the fourth quarter ended Jan. 31 from $784.5 million, a year earlier.