The Toro Company has announced that it has acquired certain utility and underground product assets of Astec Underground, Inc., a wholly-owned subsidiary of Astec Industries, Inc. 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.
“This acquisition helps further grow Toro’s product presence in the landscape and ground engaging markets, along with providing access to a new category close to our core businesses,” said Rick Rodier, general manager of Toro’s Sitework Systems Business. “The underground utilities space represents a market in which we don’t compete today, but one we believe provides great opportunity to drive global share growth in these new categories.”
Based in Chattanooga, Tennessee, Astec Industries, Inc. is a manufacturer of specialized equipment for asphalt road building, aggregate processing, pipeline and utility trenching, and wood processing. The products Toro is acquiring, which does not include Astec’s Trencor product line, are manufactured at the Astec Underground facility in Loudon, Tennessee.