Toro is expanding the number of products it offers to landscape and grounds professionals.
The Bloomington-based company said Tuesday it acquired L.T. Rich Products, a maker of commercial zero-turn spreaders/sprayers, aerators and snow and ice management equipment. Terms were not disclosed.
L.T. Rich is best known for its Z-Spray line of zero-turn spreaders/sprayers for the commercial lawn-care market. The Z-Spray line allows operators to precisely apply liquid and dry fertilizers, herbicides and pesticides.
"This acquisition builds upon many of our core strengths valued by professional contractors as we strive to help them drive greater productivity, profitability and efficiency in their operations," said Richard Olson, chairman and CEO of Toro, in a news release.
L.T. Rich is based in Lebanon, Ind., where all of its products are developed and made. The company was founded in 1999 and currently has about 65 employees.
Like Toro, L.T. Rich's machines are designed and manufactured in the U.S. and have similar end markets. Jon Fisher, an analyst with Minneapolis-based Dougherty & Co. LLC, said the L.T. Rich acquisition "looks and feels similar to Toro."
The company also makes a line of core aerators and snow and ice management products. Its Z-Plug aerator is built on a zero-turn platform. The Snowrator snow and ice management machines are based on a skid steer platform.
Operators of L.T. Rich self-propelled equipment stand on and behind the machine to control operations.
The deal was announced on Monday after the market closed. Shares of Toro closed Tuesday at $62.98, up 32 cents.
Toro held its annual meeting on Tuesday afternoon. At the meeting, Olson told shareholders the company would continue to look for more strategic acquisitions.
Patrick Kennedy • 612-673-7926
