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