The Toro Company (TTC) Announces Acquisition of Certain Assets from Astec Industries (ASTE)
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The Toro Company (NYSE: TTC) announced today that it has acquired certain utility and underground product assets of Astec Underground, Inc., a wholly-owned subsidiary of Astec Industries, Inc. (NASDAQ: ASTE). Terms of the transaction were not disclosed.
Through the acquisition, Toro has acquired Astec Underground’s equipment line of vibratory plows, trenchers and horizontal directional drills for the underground utilities market. Typically used in the installation, repair and replacement of utilities with minimal impact on surrounding landscapes or structures, these products are designed for power distribution, telecommunications, utility companies, and landscape and irrigation contractors.
Through the acquisition, Toro has acquired Astec Underground’s equipment line of vibratory plows, trenchers and horizontal directional drills for the underground utilities market. Typically used in the installation, repair and replacement of utilities with minimal impact on surrounding landscapes or structures, these products are designed for power distribution, telecommunications, utility companies, and landscape and irrigation contractors.
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