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Toro Acquires Hardie Irrigation The Toro Company's purchase of James Hardie Irrigation Group, a leading worldwide supplier of irrigation valves and controllers, enhances its position in worldwide supply of irrigation sprinkler heads for the international turf maintenance market. Toro CEO Kendrick B. Melrose cites "core competencies complement[ing] Toro's, and the resulting synergy" among the added values for shareholders (NYSE: TTC). Company sources project the $130 million purchase of the Australian-owned irrigation valve and controller supplier, announced September 19, to have a "modest dilutive effect on earnings per share during the first year only." Regulatory approval and the customary contingencies may take six months, after which Toro is likely to consolidate Hardie's California-based operations with its own in Riverside, California. Hardie also has manufacturing operations in Texas, Florida, and Australia.

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June 18, 2019, 8:46 am PDT

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