Toro Buys Assets of NY Co., Expands Rental Offerings
The Toro Company announced Thursday that it has acquired the light construction and “hardscape” product assets of Honeoye, New York-based Stone Construction Equipment, Inc.
Financial terms of the acquisition were not disclosed.
Stone Construction Equipment manufactures concrete and hardscape equipment for rental and construction companies. Hardscape refers to paved areas, including streets and sidewalks, and Stone Construction's hardscape products include concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools.
Toro said that the acquisition will strengthen its position in the rental market and expand its current offerings to contractors and rental companies. The company said its latest purchase also complements other recent acquisitions, including Kentucky-based turf renovation equipment manufacturer Lawn Solutions Commercial Products, Inc., which Toro bought last summer.
“Stone [Construction] built a solid reputation around quality,” Rick Rodier, general manager of Toro's sitework systems division, said in a statement. “These products are respected by rental and construction customers and complement our current line of compact utility equipment and trenchers extremely well.”
Bloomington-based Toro provides turf and landscape maintenance equipment and precision irrigation systems. It is one of Minnesota's 25-largest public companies based on revenue, which totaled $1.9 billion for the fiscal year that ended in October.