Toro Sells MTI Equipment Business Acquired in CMW Acquisition
HOUSTON (UC) — Making good on plans to streamline its product and services portfolio after acquiring Charles Machine Works, The Toro Company has shed CMW's pre-owned construction equipment business by selling MTI Equipment back to its founders.
Established in 1986 as a telecommunications installation provider, North Point, Florida-based MTI transitioned in the early 1990s into a provider of pre-owned underground construction equipment.
The Toro Company announced in February that it would acquire Charles Machine Works, the parent company of Ditch Witch and other leading brands in the underground construction equipment market, in a $700 million cash transaction. The deal is expected to close by the end of October, pending regulatory approvals and other customary closing conditions, Toro said.
Charles Machine Works businesses include Ditch Witch, Subsite Electronics, DW/TXS, HammerHead, Radius HDD, American Augers and Trencor.
“The addition of Charles Machine Works will further strengthen our portfolio of market-leading brands supported by talented employees, a commitment to innovation, a best-in-class dealer network and long-standing customer relationships,” Richard M. Olson, Toro’s chairman and chief executive officer, said when the acquisition was announced.
“The company expands our business in a meaningful way in an adjacent category we know well through our own specialty construction business and in a market that is attractive given the potential for growth in addressing both aging infrastructure that is currently in place and new infrastructure that will be needed to support next generation technologies like 5G," Olson said.
In September, Minnesota-based Toro announced it had decided to wind down its Toro-branded large HDD and riding trencher categories and realigning the organizational structure for its underground construction division to combine certain aspects of Ditch Witch, American Augers and Trencor.
“We continue to be very excited about the expertise, knowledge and understanding of the underground business that the Charles Machine Works companies bring to our organization,” said Rick Rodier, group vice president, Construction Businesses.
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