The Toro Company has announced that it has acquired light construction product assets of Stone Construction Equipment, the compaction and concreting equipment business which went into bankruptcy earlier this year. The price was not disclosed.
In a statement, Toro said the Stone acquisition would build on its position in the rental market with a line of branded products including concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools.
Toro, which already sells groundcare and landscaping equipment to the rental sector, said the Stone products would also complement its recently acquisitions of tree care and turf renovation product lines.
The company also recently bought a range of utility and underground equipment from Astec Underground, giving it vibratory plows, trenchers and horizontal directional drills.
Stone Construction Equipment was closed by its bank in March. The company was founded in 1967 and was employee-owned, with its headquarters in Honeoye, New York. It employed around 90 staff.
"Stone built a solid reputation around quality," said Rick Rodier, general manager of Toro's Sitework Systems Business. "These products are respected by rental and construction customers, and complement our current line of compact utility equipment and trenchers extremely well.
"We see great opportunity to leverage our core strengths in innovation, engineering and distribution to grow share in these new categories."
More to follow.