Toromont Industries Ltd. last week announced that it completed the sale of a 60-acre parcel of land in the region of Halton for proceeds of $18 million. As a result of the sale, Toromont will recognize a gain of $12.9 million after tax, or approximately $0.20 basic earnings per share, in the second quarter of 2007.
“The site was acquired in 1996 with plans for ultimate usage as a Toromont CAT dealership location,” said Robert Ogilvie, Toromont's chairman and CEO. “As a result of the subsequent pattern of urban growth and the development of the 407, this site is no longer required to achieve our plans and service our customers.”
Based in Toronto, Ontario, Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the world's largest Caterpillar dealerships by revenue and geographic territory in addition to Battlefield Equipment Rentals, which is No. 22 on the new RER 100.