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Titan Machinery Adds Four Iowa Stores, Takes Over Another Bankrupt Iowa Dealer

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Titan Machinery Adds Four Iowa Stores, Takes Over Another Bankrupt Iowa Dealer Vol. 12, Issue 7 News, Information & Analysis for the Ag Equipment Marketer November 15, 2005 Titan Machinery Adds Four Iowa Stores, Takes Over Another Bankrupt Iowa Dealer Titan Machinery, Fargo, N.D., already 22 Stores and Counting . that all of Anderson’s 45 employees one of the largest Cast IH and New In an interview in the October- will be retained and the stores will Holland dealer organizations with 18 November issue of Farm Equipment, remain operating under the Vern stores, added 4 more to its network David Meyer, chairman and CEO of Anderson Equipment name in the with the acquisition of Vern Anderson Titan Machinery, indicated that the same four locations. Equipment. Anderson operated Case firm’s “business plan calls for 3 or 4 Some tasks, like management IH dealerships in Le Mars, Kingsley, acquisitions a year.”The purchase of information and marketing, will be Anthon and Cherokee, Iowa. the Anderson stores give Titan 5 new conducted from Titan’s North Dakota At the same time, Case IH named stores in 2005, all in Iowa. headquarters, but the primary daily Titan as the operating agent of their Earlier in the year,Titan acquired duties in operating the Vern Anderson bankrupt dealership, Walterman Smith International in Waverly.They Equipment sites will remain locally Implement in Dike, Iowa.Walterman, now operate 22 Case IH and New set, Meyer explained. Doug Vondrak one of eastern Iowa’s larger farm Holland dealerships in North Dakota, will continue as general manager of equipment dealers was shut down in South Dakota, Minnesota and Iowa. the Anderson stores. late October. Court documents show The original Anderson dealership Could Be 23 Stores . tha the dealership was forced into was founded in 1948 in Kingsley. Shortly after Titan announced the Chapter 7 bankruptcy by Case IH and Vern Anderson bought the store out- CNH Capital, which claims misappro- Vern Anderson acquisition, CNH right in 1979, then added locations named Titan as their operating agent priation of funds and unpaid debt in 1985, ’93 and ’95. It is expected totaling $22 million. of Walterman Implement in Dike, Continued on page 2 UBS: Expect Equipment Sales to Slip 5-10% in ’06 “For 2006, we now expect farm Results of the UBS one-question, strong government support programs equipment sales to fall 5%-10%, com- e-mail survey to 200 ag equipment and multiple years of weak demand. pared to our prior forecast of flat. dealers indicated that most see sales Year to date,row-crop tractor sales in Although we expect improving slipping in ’06. The dealers were the U.S. are 1.3% above the same peri- farmer balance sheets and still elevat- asked “What is your projection for od last year. ed levels of farm income to mitigate farm machinery sales for the full year Offsetting Factors? the declines, we believe the combina- 2006, versus the full year 2005?” tion of currently depressed farm com- Based on 47 responses, 57% of Despite the apparent negative fac- modity prices, elevated fuel prices and dealers expect a decline in farm tors pointing to reduced spending on rising interest rates will drive farm machinery sales in 2006 vs. only 15% ag equipment next year, some of these machinery sales lower in 2006,” says that expect an increase.The remaining appear to be offsetting as shown in UBS analyst, David Bleustein. 28% expect a flat 2006 agricultural the UBS research. ♦ According to the ag industry ana- equipment market. “We expect elevated fuel prices lyst, checks with farm equipment deal- Looking at the remainder of ’05, to reduce demand for farm ers indicate a negative tone and many Bleustein says he continues to expect machinery in 2006.” cite higher input costs (fuel, fertiliz- about a 0%-5% growth in farm Based on USDA data, the estimat- er), lower farm commodity prices and machinery sales, driven by strong ed cost of energy in a normal year is uncertainty over government support farmer balance sheets, low interest roughly 10% of a farmer's direct cost programs as negative factors. rates, elevated levels of farm income, of corn production before including Continued on page 2 The contents of this report represent our interpretation and analysis of information generally available to the public or released by responsible individuals in the subject companies, but is not guaranteed as to accuracy or completeness. It does not contain material provided to us in confidence by our clients. Individual companies reported on and analyzed by Lessiter Publications Inc., may be clients of this and other Lessiter Publications Inc. services. This information is not furnished in connection with a sale or offer to sell securities or in connection with the solicitation of an offer to buy securities. Titan Machinery...Continued from page 1 Iowa. Case IH and CNH Capital say bankruptcy have been contacted for a missing from the Combine Roll pro- they terminated their relationship review of their individual situations. gram. Under the arrangement, a farmer with Walterman Implement because The new management’s intent is to buying a new combine turns the they are owed nearly $22 million. retain qualified employees who com- machine in at the end of the year for CNH auditors are combing plement the operation. another one the following year.A sec- Walterman’s books looking for the “We are pleased to be working ond producer get the 1-year-old com- money and documents they say with Titan Machinery to provide solu- bine, exchanging it later for another Walterman Implement owes.They are tions for our customers. You should 1-year-old machine. The process con- also trying to determine if any money know that Titan Machinery, one of tinues from farmer to farm, each get- was misappropriated.A court-appoint- Case IH’s largest Midwest dealerships, ting similarly aged combines annually. ed trustee has been assigned to con- offers a full line of new and used farm According to the filings in the tinue Walterman operations during equipment. With 22 locations in the bankruptcy case, employees of the investigation. Midwest, including one in nearby Walterman Implement sought con- Larry Adams,director of Regional Waverly, Iowa, Titan Machinery was tracts for the 2006 harvest and col- Sales for Case IH, together with Meyer the largest Case IH volume equipment lected deposits. The money is sup- and Peter Christenson of Titan dealer in 2004.” posed to be held in escrow by CNH Machinery, announced that Titan will Meyer explains that Titan has Capital. But those deposits, which operate the Walterman facility during agreed to operate the dealership in range from $15,000 to $22,000, were bankruptcy proceedings. Dike throughout the bankruptcy pro- never deposited with CNH Capital or According to Adams, “CNH ceedings. Pending the ruling of the any other financial institution. acknowledges the difficult times that bankruptcy court, Titan plans to “The dealership has been spend- Walterman Implement has created for acquire the dealership at an appropri- ing the money collected from farm- the dealership’s customers and ate time, though Case IH would not ers for unknown purposes.The bank employees. However, in order to take confirm if the operating agreement accounts, to the best knowledge, infor- care of those customers and employ- with Titan will become permanent. mation and belief of the undersigned, ees, we have received permission of CNH Capital assumes all losses or contain little funds, if any,” wrote the bankruptcy court to operate the gains of the business while in bank- James Longe, a special asset manager dealership under supervision of the ruptcy and will pay $25,000 a month for CNH Capital. court-appointed trustee. to the bankruptcy estate. Court documents also show sev- “We are pleased to announce Walterman Implement is owned eral pieces of equipment were double Titan Machinery, Inc., as our agent in by Leon Walterman. CNH Capital, the financed by Walterman Implement. operating the dealership.The dealer- financial arm for Case IH, forced the CNH Capital alleges the dealership ship will provide a full range of offer- business into Chapter 7 claiming mis- sold pieces of equipment to farmers, ings, including equipment purchasing, appropriation of funds and unpaid then submitted paperwork to both financing, parts and repair services. debt totaling $22 million. Walterman CNH Capital and Agricredit “Many of the former dealership has denied any wrongdoing. Acceptances, in effect receiving pay- employees displaced by that dealer’s CNH Capital claims money is ment twice for the same machine. Farm Equipment Industry Notes & Newsmakers Russ Green, executive vice president of sales and business appointed E.W. "Swede" Muehlhausen as president of development at CLAAS North America, Omaha, Neb., McCormick International USA in Pella, Iowa. Muehlhausen has been named general manager of CLAAS Omaha, Inc. officially assumed this role on October 24, 2005, and is and CLAAS of America, Inc. Green will continue to be responsible for all aspects of McCormick USA business in based out of the company's Omaha office and retain his the United States. title of executive vice president of sales and business devel- Leon's Manufacturing, Yorkton, Saskatchewan, and opment. CLAAS also has announced that Theo Freye, Minot, N.D., has been awarded the AE50 award by the president of CLAAS North America, has been named a American Society of Agricultural Engineers (ASAE) director at CLAAS KGaA, which is responsible for world- for its ASL (Accurate Self Leveling) front-end loader. wide marketing and strategy. Freye will continue to be Agco Corp., Duluth, Ga., has elected Gerald L. based out of the company's Omaha office and retains his Shaheen, group president of Caterpillar, Inc., Peoria, Ill., to current title as president of CLAAS North America.
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