The Toro Company Acquires L.T. Rich Products, Manufacturer of Spreader/Sprayers, Aerators and Snow and Ice Management Equipment
19 März 2018 - 9:15PM
Business Wire
Acquisition expands product offering to
landscape contractors and grounds professionals
The Toro Company (NYSE: TTC) today announced that it has
acquired L.T. Rich Products, a leading manufacturer of commercial
zero-turn spreader/sprayers, aerators and snow and ice management
equipment. Terms of the transaction were not disclosed.
L.T. Rich Products is known for its industry-leading Z-Spray
line of stand-on spreader/sprayers for landscape contractors and
grounds professionals. With five models designed to tackle
properties of all sizes, these high-capacity, zero-turn machines
are built for productivity, durability and precise application.
Other products include the Z-Plug stand-on aerator that is designed
to convert to a slicer/seeder, snow plow or dethatching rake, and
the stand-on Snowrator for snow and ice management.
“This acquisition builds upon many of our core strengths valued
by professional contractors as we strive to help them drive greater
productivity, profitability and efficiency in their operations,”
said Richard M. Olson, chairman and CEO of The Toro Company. “The
industry-leading Z-Spray line complements our current
spreader/sprayer product offering to contractors, golf and grounds
customers, while the innovative Snowrator is an exciting addition
to our professional snow and ice management line. With our
continued focus on innovation and technology, we believe these
products have broad application across many of our professional
markets.”
“With a shared commitment to innovation and serving customers,
we look forward to having our products become a part of The Toro
Company,” said Tom Rich, president of L.T. Rich Products. “We
believe that Toro’s strong history, market leadership and resources
will further enable our continued growth in the market.”
About The Toro CompanyThe Toro Company (NYSE: TTC) is a
leading worldwide provider of innovative solutions for the outdoor
environment including turf maintenance, snow and ice management,
landscape, rental and specialty construction equipment, and
irrigation and outdoor lighting solutions. With sales of $2.5
billion in fiscal 2017, Toro’s global presence extends to more than
125 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, sports fields, public green spaces, commercial
and residential properties and agricultural operations. 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 events and results to differ materially from
those projected or implied. Particular risks and uncertainties
include: 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 personnel, including those necessary for the
manufacturing operations; 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: https://www.businesswire.com/news/home/20180319006204/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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