The Toro Co., a Minnesota-based landscaping equipment firm, has bought the assets of Stone Construction Equipment Inc.
Financial terms were not disclosed.
Toro leaders said the acquisition builds on its position in the rental market. Stone’s products also extend Toro’s offering to contractors and rental companies, and complement its recent acquisition of tree care and turf renovation lines.
Honeoye, Ontario County-based Stone manufactured concrete and hardscape equipment and equipment for rental and construction companies. The firm shut down in March, following foreclosure.
“Stone built a solid reputation around quality,” said Rick Rodier, general manager of Toro's Sitework Systems Business, in a statement. “These products are respected by rental and construction customers, and complement our current line of compact utility equipment and trenchers extremely well.
“We see great opportunity to leverage our core strengths in innovation, engineering and distribution to grow share in these new categories.”
Toro logged sales of nearly $1.9 billion in fiscal 2011.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.