The Toro Company Expands Rental Offering with Light Construction
Equipment
Equipment
BLOOMINGTON, Minn., Apr 26, 2012 (BUSINESS WIRE) --The Toro Company (NYSE: TTC) announced today that it has acquired light construction and hardscape product assets of Stone Construction Equipment, Inc., which manufactured concrete and hardscape equipment for rental and construction companies. Terms of the transaction were not disclosed.
This acquisition builds on Toro's position in the growing rental market with a reputable line of branded products in the hardscape space, which include concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools. These products further extend Toro's offering to contractors and rental companies, and complement its recent acquisitions of tree care and turf renovation product lines.
"Stone built a solid reputation around quality," said Rick Rodier, general manager of Toro's Sitework Systems Business. "These products are respected by rental and construction customers, and complement our current line of compact utility equipment and trenchers extremely well. We see great opportunity to leverage our core strengths in innovation, engineering and distribution to grow share in these new categories."
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 2011, Toro's global presence extends to more than 90 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.toro.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 or persistent
unemployment and weakened consumer confidence; the threat of 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 and
components, including steel, engines, hydraulics, resins and other
commodities and components; 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 key markets; 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 revenue growth, operating
earnings and employee engagement goals of our multi-year employee
initiative called "Destination 2014"; our increased dependence on
international sales and the risks attendant to international operations
and markets, including political, economic and/or social instability in
the countries in which we manufacture or sell our products resulting in
contraction or disruption of such markets; 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,
including Red Iron Acceptance, LLC; the costs and effects of changes in
tax, fiscal, government and other regulatory policies, including rules
relating to environmental, health and safety matters, and Tier 4
emissions requirements; 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; and the occurrence of litigation
or claims. 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
Investor Relations
Kurt
Svendsen, 952-887-8630
Managing Director, Corporate Communications
and Investor Relations
invest@toro.com
or
Media
Relations
Branden Happel, 952-887-8930
Senior Manager,
Public Relations
pr@toro.com