The Toro Company to Acquire German-Based Regnerbau Calw GmbH
03 November 2016 - 2:15PM
Business Wire
Acquisition expands professional irrigation
product portfolio
The Toro Company (NYSE: TTC) today announced that it has entered
into an agreement to acquire Regnerbau Calw GmbH, a privately held
manufacturer of professional irrigation equipment. The transaction
is subject to customary closing conditions, including regulatory
approvals, and currently is expected to close during Toro’s fiscal
2017 first quarter. Terms of the transaction were not
disclosed.
Headquartered in Althengstett, Germany, and founded in 1925,
Regnerbau Calw GmbH manufactures a variety of irrigation products
under the Perrot brand including retractable sprinklers for sports
fields, impact sprinklers and coupling systems for agricultural
fields, and rain guns for industrial applications. The
long-distance casting range and fast rotation of Perrot’s sports
field sprinklers make them an ideal choice for maintaining both
natural and synthetic turf on soccer, tennis, rugby, cricket, golf
and equine venues across the globe. To learn more, visit
www.perrot.de.
“The addition of the Perrot portfolio helps expand Toro’s
presence in the sports field and agricultural industries, while
also growing our position in adjacencies to our core businesses,”
said Rick Olson, Toro’s president and chief executive officer.
“This acquisition is consistent with our strategy to grow in the
professional, water and global markets, and provides an expanded
offering of professional irrigation solutions to better serve our
customers.”
“With over 90 years of experience in the irrigation industry,
the Perrot team will be a great fit with Toro as both companies
share similar cultures and a commitment to manufacturing
high-quality, professional irrigation products and providing
exceptional service to customers,” said Alexander Fleig, general
manager of Regnerbau Calw GmbH. “We believe that the acquisition by
Toro will help expand our global footprint and take our business to
the next level.”
About The Toro CompanyThe Toro Company (NYSE: TTC) is a
leading worldwide provider of innovative solutions for the outdoor
environment including turf, snow and ground engaging equipment, and
irrigation and outdoor lighting solutions. With sales of $2.4
billion in fiscal 2015, Toro’s global presence extends to more than
90 countries. Through constant innovation and caring
relationships built on trust and integrity, Toro and its family of
brands have built a legacy of excellence by helping customers care
for golf courses, landscapes, sports fields, public green spaces,
commercial and residential properties and agricultural
fields. For more information, visit
www.thetorocompany.com.
Forward-Looking StatementsThis news release contains
forward-looking statements, which are being made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on
management’s current assumptions and expectations of future events,
and often can be identified by words such as “expect,” “strive,”
“looking ahead,” “outlook,” “guidance,” “forecast,” “goal,”
“optimistic,” “anticipate,” “continue,” “plan,” “estimate,”
“project,” “believe,” “should,” “could,” “will,” “would,”
“possible,” “may,” “likely,” “intend,” “can,” “seek,” “potential,”
“pro forma,” or the negative thereof or similar expressions.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected or implied. Particular risks and uncertainties include:
delays in completing the acquisition and the risk that the
acquisition may not be completed at all; the failure by us to
achieve the growth prospects and any cost or revenue synergies
expected from the acquisition or delays in the realization thereof;
delays and challenges in integrating the business after the
acquisition is completed; operating costs and business disruption
during the pendency of and following the acquisition; loss of key
personnel; unanticipated liabilities or exposures for which we have
not been indemnified or may not recover; general adverse business,
economic or competitive conditions; and other risks and
uncertainties described in our most recent annual report on Form
10-K, subsequent quarterly reports on Form 10-Q, and other filings
with the Securities and Exchange Commission. We make no commitment
to revise or update any forward-looking statements in order to
reflect events or circumstances occurring or existing after the
date any forward-looking statement is made.
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version on businesswire.com: http://www.businesswire.com/news/home/20161103005190/en/
The Toro CompanyInvestor RelationsHeather Hille,
952-887-8923Director, Investor
Relationsheather.hille@toro.comorMedia RelationsBranden
Happel, 952-887-8930Senior Manager, Public
Relationsbranden.happel@toro.com
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