The Toro Company Announces the Sale of its Australia-Based Residential Pope Products Business
July 01 2024 - 8:30AM
Business Wire
Reinforces focus on strategic priorities that
provide the greatest profitable growth opportunities
The Toro Company (NYSE: TTC), through its wholly-owned
subsidiaries Toro Australia Pty Ltd and Toro Australia Group Sales
Pty Ltd based in South Australia (collectively “Toro Australia”),
today announced the sale of its Pope Products residential garden
watering and irrigation business to The AMES Company, Inc., a
subsidiary of Griffon Corporation (NYSE: GFF). Pope irrigation and
garden watering products are sold exclusively in Australia and New
Zealand.
This transaction represents The Toro Company’s commitment to
disciplined portfolio management and prudent capital allocation
strategies. The transaction also represents an opportunity for Toro
Australia to enhance its focus on the best opportunities to drive
long-term profitable growth in the golf, sports fields and grounds,
professional contractor, rental and residential markets. The
financial results related to the Pope Products business have
historically been included in the company’s residential segment
results. The impact of this divestiture is immaterial to the
company’s fiscal 2024 financial results and was already considered
in the previously shared outlook for the third quarter and
full-year.
About Toro Australia and Pope Products
Toro Australia, a subsidiary of The Toro Company, is a provider
of innovative outdoor solutions for the golf, sports fields and
grounds, landscape contractor, construction, residential and
agricultural markets across Australia and New Zealand. Founded in
1925, the Pope Products brand represents a broad range of garden
watering and irrigation products to help residential customers
create and maintain beautiful gardens. Learn more at:
www.toro.com.au.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of
innovative solutions for the outdoor environment including turf and
landscape maintenance, snow and ice management, underground utility
construction, rental and specialty construction, and irrigation and
outdoor lighting solutions. With net sales of $4.55 billion in
fiscal 2023, The Toro Company’s global presence extends to more
than 125 countries through a portfolio of brands that includes
Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers,
Trencor, Subsite, HammerHead, Radius, Perrot, Hayter, Unique
Lighting Systems, Irritrol, and Lawn-Boy. Through constant
innovation and caring relationships build on trust and integrity,
The Toro Company and its brands have built a legacy of excellence
by helping customers work on golf courses, sports fields,
construction sites, public green spaces, commercial and residential
properties and agricultural operations. For more information, visit
www.thetorocompany.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701105142/en/
Investor Relations Jeremy Steffan Director, Investor
Relations (952) 887-7962, jeremy.steffan@toro.com
Media Relations Branden Happel Senior Manager, Public
Relations (952) 887-8930, branden.happel@toro.com
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