The Toro Company Acquires Certain Assets of Unique Lighting Systems
BLOOMINGTON, Minn., Jan 17, 2011 (BUSINESS WIRE) -- The Toro Company (NYSE: TTC) today announced it has acquired certain assets from Unique Lighting Systems, a leading manufacturer of high-quality, professionally installed landscape lighting fixtures and transformers for residential and commercial use. The acquisition strengthens Toro's offering to distributors and irrigation contractors, and includes the Odyssey, Signature Series, and Brass and Copper Knights landscape lighting product lines. Terms of the transaction were not disclosed.
"Unique Lighting has a tremendous customer culture and reputation for building innovative, high-quality products for professional-grade installation," said Phil Burkart, vice president of Toro's Irrigation Business. "What makes this acquisition strategically attractive is that it represents an offering that is installed by many of the same contractors that purchase our irrigation products, sold by a majority of Toro's channel customers, and admired by end-users seeking to beautify outdoor landscapes."
As a result of the purchase, co-owners Randy Weisser and Nate Mullen will join Toro and become an important part of the company's outdoor lighting team that will be located in Toro's Irrigation Business based in Riverside, California. "We are very excited about our future with Toro," said Weisser. Added Mullen, "This acquisition adds great value and strength to not only our respective companies, but also our close partners and strong contractor base. Toro's significant product development and marketing resources, along with advanced manufacturing capabilities, will further enhance Unique's continuing track record of innovation and leadership."
Based in Escondido, California, and founded in 1995, Unique Lighting markets professionally installed low-voltage outdoor lighting systems sold primarily in the United States.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly $1.7 billion in fiscal 2010, Toro's global presence extends to more than 80 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.
Statements made in this news release, which are forward-looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied. These uncertainties include factors that affect all businesses operating in a global market as well as matters specific to Toro. Particular risks and uncertainties that may affect the company's operating results or overall financial position at the present include: slow or negative growth rates in global and domestic economies, resulting in rising unemployment and weakened consumer confidence; the threat of further terrorist acts and war, which may result in contraction of the U.S. and worldwide economies; drug cartel-related violence, which may disrupt our production activities and maquiladora operations based in Juarez, Mexico; fluctuations in the cost and availability of raw materials, including steel, resins and other commodities; fluctuating fuel and other costs of transportation; the impact of abnormal weather patterns, natural disasters and global pandemics; the level of growth or contraction in our key markets; government and municipal revenue, budget and spending levels, which may negatively impact our grounds maintenance equipment business in the event of reduced tax revenues and tighter government budgets; dependence on The Home Depot as a customer for the residential segment; elimination of shelf space for our products at retailers; inventory adjustments or changes in purchasing patterns by our customers; market acceptance of existing and new products; increased competition; our increased dependence on international sales and the risks attendant to international operations; credit availability and terms, interest rates and currency movements including, in particular, our exposure to foreign currency risk; our relationships with our distribution channel partners, including the financial viability of distributors and dealers; our ability to successfully achieve our plans for and integrate acquisitions and manage alliancesor joint ventures, including Red Iron Acceptance, LLC; the costs and effects of changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters; unforeseen product quality or other problems in the development, production and usage of new and existing products; loss of or changes in executive management or key employees; ability of management to manage around unplanned events; our reliance on our intellectual property rights and the absence of infringement of the intellectual property rights of others; the occurrence of litigation or claims, including the previously disclosed pending settlement of the litigation against the company and other defendants that challenges the horsepower ratings of lawnmowers, which, if the settlement does not become final, the company is currently unable to assess whether the litigation would have a material adverse effect on the company's annual consolidated operating results or financial condition, although an adverse result might be material to operating results in a particular reporting period. In addition to the factors set forth in this paragraph, market, economic, financial, competitive, legislative, governmental, weather, production and other factors identified in Toro's quarterly and annual reports filed with the Securities and Exchange Commission, could affect the forward-looking statements in this press release. Toro undertakes no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this release.
SOURCE: The Toro Company