Broadens Toro’s global offering of turf maintenance equipment

BLOOMINGTON, Minn.--(BUSINESS WIRE)--Oct. 14, 2009-- The Toro Company (NYSE: TTC) today announced it has acquired certain assets from TY-CROP Manufacturing Ltd., a leading manufacturer of topdressing and material handling equipment for golf course and sports field applications.

Through the acquisition, Toro has acquired several models of topdressing and material handling equipment that will enhance the company’s position in the turf maintenance industry. TY-CROP products will be marketed under the Toro brand and sold through Toro’s distribution channel in the United States and international markets.

“Comprehensive cultivation and topdressing programs are increasingly important for our customers around the world,” said Michael Happe, vice president of Toro’s commercial business. “Golf courses and sports fields rely on these machines to achieve improved agronomic conditions and to create healthy, consistent playing surfaces. TY-CROP’s solid reputation in this important category complements our existing line of application and cultivation equipment. Equally, it provides our customers with a more comprehensive offering to meet their turf maintenance needs.”

While primarily employed on golf course greens and fairways to improve turf health, control thatch and provide optimal playing conditions, topdressing and material handling equipment is gaining increased acceptance on sports fields. Sports turf managers will use these machines to evenly apply a variety of materials like topsoil, fertilizer, sand, lime, and even crumb rubber for artificial turf.

Based in Rosedale, British Columbia, TY-CROP is a privately held company. In business for more than 30 years, TY-CROP has built a solid reputation around a durable line of topdressers and material handlers. The company’s other businesses, which include trailers and oil and gas products, were not associated with this acquisition and will continue normal operation.

About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly $1.9 billion in fiscal 2008, Toro’s global presence extends to more than 140 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.thetorocompany.com.

Safe Harbor
Statements made in this news release, which are forward-looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied. These uncertainties include factors that affect all businesses operating in a global market as well as matters specific to Toro. Particular risks and uncertainties that may affect the company’s operating results or overall financial position at the present include: slow or negative growth rates in global and domestic economies, resulting in rising unemployment and weakened consumer confidence; the threat of further terrorist acts and war, which may result in contraction of the U.S. and worldwide economies; drug cartel-related violence, which may disrupt our production activities and maquiladora operations based in Juarez, Mexico; fluctuations in the cost and availability of raw materials, including steel, resins and other commodities; fluctuating fuel and other costs of transportation; the impact of abnormal weather patterns, natural disasters and global pandemics; the level of growth or contraction in our markets, including the golf market; government and municipal revenue, budget and spending levels, which may negatively impact our grounds maintenance equipment business in the event of reduced tax revenues and tighter government budgets; dependence on The Home Depot as a customer for the residential segment; elimination of shelf space for our products at retailers; inventory adjustments or changes in purchasing patterns by our customers; market acceptance of existing and new products; increased competition; our ability to achieve the goals for our current three-year growth, profit and asset management initiative called “GrowLean” which is intended to improve our revenue growth, after-tax return on sales and working capital efficiency; our increased dependence on international sales and the risks attendant to international operations; credit availability and terms, interest rates and currency movements including, in particular, our exposure to foreign currency risk; our relationships with our distribution channel partners, including the financial viability of distributors and dealers; our ability to successfully achieve our plans for and integrate acquisitions and manage alliances or joint ventures; the costs and effects of changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters; unforeseen product quality or other problems in the development, production and usage of new and existing products; loss of or changes in executive management or key employees; ability of management to manage around unplanned events; our reliance on our intellectual property rights and the absence of infringement of the intellectual property rights of others; the occurrence of litigation or claims, including the previously disclosed pending litigation against the company and other defendants that challenges the horsepower ratings of lawnmowers, of which the company is currently unable to assess whether the litigation would have a material adverse effect on the company’s consolidated operating results or financial condition, although an adverse result might be material to operating results in a particular reporting period. In addition to the factors set forth in this paragraph, market, economic, financial, competitive, legislative, governmental, weather, production and other factors identified in Toro's quarterly and annual reports filed with the Securities and Exchange Commission, could affect the forward-looking statements in this press release. Toro undertakes no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this release.

Source: The Toro Company

The Toro Company
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John Wright, 952-887-8865
Director, Investor Relations
invest@toro.com
or
Media Relations:
Branden Happel, 952-887-8930
Manager, Public Relations
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