The Toro Co. said it has acquired light construction and hardscape product assets of Honeoye, N.Y.-based Stone Construction Equipment, which manufactured concrete-related equipment and other items for rental and construction companies. Terms of the transaction were not disclosed.
The acquisition builds on Toro’s position in the growing rental market, with a growing line of equipment including concrete and mortar mixers, material handlers, compaction equipment and other concrete power tools. These items complement Toro’s recent acquisitions of tree care and turf-renovation product lines.
“Stone built a solid reputation around quality,” said Rick Rodier, general manager of Toro’s Sitework Systems Business. “These products are respected by rental and construction customers, and complement our current line of compact utility equipment to grow share in these new categories.”
The assets of Stone were seized in early March by its primary lender, M&T Bank, and the company was shut down.
Kurt Svendsen, managing director of corporate communications and investor relations for Toro told RER the company essentially acquired all of Stone’s product catalog, but would determine later if any of the product categories would be phased out in the future. Svendsen said the Honeoye facility would be re-started on a temporary basis to take care of customer needs, but that eventually production of the Stone products would be transferred to a Toro facility, most likely the Beatrice, Neb., plant. He added that it was premature to determine whether any Stone personnel might be offered positions with Toro.
Toro, based in Bloomington, Minn., is a worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems.