Toro Company to acquire German-based Regnerbau Calw GmbH
Story published at 12:37, Friday, November 4th, 2016
The Toro Company (NYSE: TTC) has 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.”
Toro Company www.thetorocompany.com