BLOOMINGTON, Minn.--(BUSINESS WIRE)--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 Company
The 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 Statements
This 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.
