The Toro Company

Toro Entering Underground Utilities With Astec Acquisition

The Toro Company (NYSE: TTC) will be entering the utility and underground equipment market with acquisition of Astec Underground's vibratory plows, trenchers and horizontal directional drills line. Terms of the transaction were not disclosed.

Typically used in the installation, repair and replacement of utilities with minimal impact on surrounding landscapes or structures, the acquired products (which exclude Astec’s Trencor product line) are designed for power distribution, telecommunications, utility companies, and landscape and irrigation contractors.

“This acquisition helps further grow Toro’s product presence in the landscape and ground engaging markets, along with providing access to a new category close to our core businesses,” said Rick Rodier, general manager of Toro’s Sitework Systems Business. “The underground utilities space represents a market in which we don’t compete today, but one we believe provides great opportunity to drive global share growth in these new categories.”

Based in Chattanooga, Tenn., Astec Industries is a manufacturer of specialized equipment for asphalt road building, aggregate processing, pipeline and utility trenching, and wood processing. The products Toro is acquiring are manufactured at the Astec Underground facility in Loudon, Tenn.

Loading