The Toro Company (NYSE: TTC) announced that it has closed its acquisition of Xiamen Xiangfeng Water Saving Equipment Co., Ltd.
The Toro Company acquires Xiamen Xiangfeng Water Saving Equipment Co
The Toro Company (NYSE: TTC) announced that it has closed its acquisition of Xiamen Xiangfeng Water Saving Equipment Co., Ltd. Terms of the transaction were not disclosed. Located in China’s Xiamen City, Xiamen Xiangfeng manufactures water-efficient drip irrigation products, sprinklers, emitters and filters for agriculture, landscaping and green house production.
“As we look to the future, water availability and increasing demand for food are driving awareness for the importance of more efficient forms of irrigation,” said Michael Drazan, vice president of Toro’s Global Micro Irrigation Business. “Toro’s worldwide agricultural micro irrigation business meets this challenge by delivering high-quality solutions for growers.”
With China being a critical growth market for micro irrigation, this acquisition provides a means to grow the company’s presence in this important market. “We are expanding our business, as evidenced by this acquisition and our recently completed micro irrigation manufacturing facility in Romania to support the growing Asian and Eastern European regions,” said Drazan.
Toro entered the agricultural micro irrigation business in 1996 with the acquisition of James Hardie Irrigation, and has since grown its position through the development of industry-leading drip technologies and investments to expand globally