Toro Bolsters Its Irrigation Portfolio With Deal For German Company
Lawn and turf equipment manufacturer The Toro Company said Thursday it would be expanding its professional irrigation portfolio with the purchase of Regnerbau Calw GmbH, a privately held company specializing in industrial application sprinklers and coupling systems for agricultural fields.
Based in Althengstett, Germany, Regnerbau Calw’s product line (which is marketed under the Perrot brand name) will provide Toro with an array of new products, including industrial-grade rain guns and a variety of long-distance and fast rotation sprinklers designed for natural and synthetic turf sports fields for soccer, tennis, rugby, cricket, golf and equine events.
“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,” Toro CEO Rick Olson said in a statement. “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.”
Bloomington-based Toro said in its last quarter report that the company’s irrigation business shows “positive momentum,” which it hopes to bolster with its latest acquisition.
Terms of the deal for Regnerbau Calw were not disclosed, but Toro expects it to close during its fiscal 2017 first quarter.
As of mid-day Thursday, Toro’s stock stayed steady around its Wednesday close of $46.94.