Toro completes Charles Machine Works acquisition

4/2/2019
The Toro Company said it has completed its acquisition of privately held The Charles Machine Works, Inc.

Based in Perry, Okla., Oklahoma, Charles is the parent company of the Ditch Witch and other brands in the underground construction market. The purchase price was approximately $700 million, which was financed with new debt and borrowing under Toro’s existing credit facility.

Known as “The Underground Authority,” Charles Machine Works designs, manufactures and sells a range of products to cover the full life-cycle of underground pipe and cable, including horizontal directional drills, walk and ride trenchers, utility loaders, vacuum excavators, asset locators, pipe rehabilitation solutions and after-market tools

Toro said it to see synergies of about $30 million over a three-year period following the close of the acquisition. The power equipment, lawn maintenance, snow removal and construction equipment manufacturer announced this deal in February.

“I am very optimistic about the momentum our combined strengths, talents and resources will generate in the future, as we continue our focus on long-term value creation for all of our stakeholders,” said Richard Olson, Toro chairman and CEO.

 
X
This ad will auto-close in 10 seconds