Toro Acquires Stone Assets
The Toro Co. announced that it has acquired light construction and hardscape product assets of Stone Construction Equipment, Inc., which manufactured concrete and hardscape equipment for rental and construction companies. Terms of the transaction were not disclosed.
Stone Construction Equipment, Honeoye, N.Y., was founded in 1967 as a manufacturer of compaction and concrete equipment. In March, the company’s assets were seized by its primary bank and the company’s operations at its 175,000 sq. ft. facility were shut down.
Toro said the acquisition builds the company’s position in the growing rental market with a reputable line of branded products in the hardscape space, which include concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools. These products further extend Toro's offering to contractors and rental companies and complement its recent acquisitions of tree care and turf renovation product lines, the company said.
"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."