Business
The Toro Company Completes Acquisition of Tornado Infrastructure Equipment Ltd.
The Toro Company (NYSE: TTC) today announced that it has successfully completed its acquisition o...
About this update from Titan Technology Corp.
[{"type":"text","content":"The Toro Company Completes Acquisition of Tornado Infrastructure Equipment Ltd.\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n The Toro Company (NYSE: TTC) today announced that it has successfully completed its acquisition of publicly held Tornado Infrastructure Equipment Ltd. (TSX-V: TGH). Based in Calgary, Alberta, Tornado is a leading manufacturer in hydrovac excavation solutions for the underground construction, power transmission and energy markets.\n \n\n Known for producing powerful, high-quality and versatile equipment designed to safely excavate in urban areas and around critical infrastructure, this acquisition complements The Toro Company’s innovative construction product portfolio and capitalizes on accelerated growth in vacuum excavation. With the addition of Tornado alongside Ditch Witch and other leading underground construction brands, The Toro Company is strategically positioned to further its market reach and reinforce its leadership within the industry.\n \n\n “The addition of Tornado significantly strengthens our leadership in underground and enables The Toro Company, along with our extensive portfolio of leading construction brands, to capture a greater share of the rapidly growing infrastructure space and deliver sustained value to our shareholders,” said Richard Olson, chairman and chief executive officer. “We have long regarded Tornado for their innovation in the marketplace, and we are pleased to welcome their talented team to The Toro Company and build on our continued success. We are confident that our combined commitment to innovation, operational excellence, and serving customers will further enhance our position in the industry.”\n \n\n The purchase price was $279 million (CAD), which was financed with debt from existing credit facilities and additional financial arrangements. The transaction is expected to be marginally accretive to adjusted earnings per share in the first year after closing and will be increasingly accretive thereafter. As previously communicated, the company expects to realize annual run-rate cost synergies of $3 million (USD) over three years through purchasing and manufacturing efficiencies. In addition, there are revenue synergies and working capital improvements anticipated over time.\n \n\n During the trailin...