West Fargo-based Titan Machinery ‘actively monitoring’ impacts in Ukraine

WEST FARGO, N.D. (KVRR) – Titan Machinery is keeping close tabs on the situation in Ukraine, where thousands of people are fleeing the country as Russia continues to pound the capital and other cities with airstrikes.

In a report filed with the Securities and Exchange Commission Friday, the West Fargo-based company said the well-being of its employees in Ukraine is a primary concern.

“Titan Machinery Inc. (the “Company”) is actively monitoring the quickly evolving geopolitical situation between Ukraine and Russia,” the company wrote in an 8-K report, which the SEC says must be filed to announce major events that shareholders should know about.

“The well-being of the employees of Titan Machinery Ukraine, our wholly owned Ukraine subsidiary, is the Company’s primary concern and our team is providing as much support as possible to help them through this difficult situation.”

According to the filing, Titan Machinery’s inventory and fixed assets are almost exclusively located in the central and western areas of Ukraine.

The report also says for the nine months ending last October, revenues and assets of Titan Machinery Ukraine accounted for under 5% of the company’s total revenues and assets and under 25% of revenues and assets of our International segment.

Titan Machinery has about 16 locations in Ukraine.