UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 11,
2009
THE
TORO COMPANY
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-8649
|
41-0580470
|
|
(State
of Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification Number)
|
|
8111
Lyndale Avenue South
Bloomington,
Minnesota
(Address
of principal executive offices)
|
55420
(Zip
Code)
|
Registrant’s
telephone number, including area code: (952) 888-8801
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
7 — Regulation FD
Item
7.01 Regulation FD Disclosure.
On
February 11, 2009, The Toro Company announced certain cost-reduction measures,
which include a workforce reduction of approximately 100 salaried and office
employees, officer salary reductions, suspension of regularly scheduled salary
increases for all employees, and implementation of four furlough
days. A copy of the press release issued by The Toro Company’s in
connection with such announcement is attached to this Current Report on Form 8-K
as Exhibit 99.1 and is incorporated herein by reference. The
information in this Item 7.01 and in Item 9.01, consisting of Exhibit 99.1, is
being furnished and shall not be deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933 or the Securities Exchange Act of 1934, except
as shall be expressly set forth by specific reference in such
filing.
Section
9 — Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
release dated February 11, 2009 (furnished
herewith).
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
THE TORO
COMPANY
(Registrant)
|
Date: February
11, 2009
|
By
/s/ Stephen P.
Wolfe
|
|
Stephen
P. Wolfe
|
|
|
Vice
President, Finance and Chief Financial
Officer
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EXHIBIT
INDEX
|
EXHIBIT
NUMBER
|
DESCRIPTION
|
|
99.1
|
Press
release dated February 11, 2009 (furnished
herewith).
|
Exhibit
99.1
Investor
Relations
John
Wright
Director,
Investor Relations
(952)
887-8865, invest@toro.com
Media
Relations
Branden
Happel
Manager,
Public Relations
(952)
887-8930, pr@toro.com
www.thetorocompany.com
For
Immediate Release
Toro
Announces Multiple Cost Saving Measures in Response to Global
Recession
BLOOMINGTON,
Minn. (February 11, 2009) – The Toro Company (NYSE: TTC) today
announced that it will reduce its worldwide salaried and office
workforce by approximately 100 employees to better align the company’s cost
structure with the current economic and business environment. The company will
offer assistance to employees affected by the workforce reduction in the form of
severance, extended insurance coverage, and counseling and outplacement services
to help with their transition.
“We had
already taken a number of actions to adjust our cost structure to meet the
expected challenges of fiscal 2009. Regrettably, we have reached the point where
it is necessary to further reduce our workforce,” said Michael J. Hoffman,
Toro’s chairman and chief executive officer. Combined with its previous actions
of a voluntary retirement program and not filling open positions, the company
will reduce its overall workforce by over 10 percent from the previous
year.
The
company also announced additional cost-saving actions that will impact remaining
employees. Effective immediately, officers’ salaries will be reduced by 10
percent for fiscal 2009. Regularly scheduled salary increases for all employees
will be suspended, and four furlough days will occur during the remainder of the
year. Toro will continue to monitor production volumes and take appropriate
actions in response to customer demand for its products.
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.
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