Toro (company)

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The Toro Company
Public company
Traded as NYSE: TTC
Industry Irrigation supplies,
landscape & turf maintenance products
Founded 1914
Headquarters Bloomington, Minnesota, U.S.
Key people
 Michael J. Hoffman, President and CEO, Chairman of the Board
Products Professional and residential turf maintenance equipment and irrigation systems
Revenue Increase US$1.7 Billion (2010)
Number of employees
 6,134 (full-time)[1]
Website www.toro.com

The Toro Company is an American manufacturer of turf maintenance equipment (lawn mowers), snow removal equipment (snow blowers) and water-saving irrigation system supplies for commercial and residential gardens, public parks, golf courses, sports fields, and agricultural fields. The company is based in the Minneapolis suburb of Bloomington, Minnesota.

History

Founded as the Toro Motor Company in 1914 to build tractor engines for The Bull Tractor Company,[2] Toro manufactures and sells turf and landscape maintenance equipment and precision irrigation systems for use by landscape contractors, golf course superintendents, sports fields and grounds managers, as well as individual consumers.

In 1986, Toro acquired the Wheel Horse Products Division of American Motors (AMC).[3] Wheel Horse manufactured a wide range of lawn and garden tractors, as well as riding lawn mowers. The division was spun off from AMC so that the automaker could maintain focus on vehicles. Lawn and garden tractors were then marketed under the Toro, Wheel Horse, as well as the Toro Wheel Horse names. Acquisitions continued with the purchase of Lawn-Boy in 1989, James Hardie Irrigation in 1996, Exmark Manufacturing in 1997, Hayter Ltd. in 2005, Rain Master Irrigation Systems and Turf Guard Wireless Monitoring Technology in 2007, TYCROP Manufacturing turf equipment product line in 2009, and USPraxis, Inc. in 2010.

In the 1990s, then CEO Kendrick Melrose changed the company's strategy, shifting its focus to "professional maintenance markets" (such as golf courses, sports fields, municipal parks, and commercial properties). The strategy yielded higher margins and offered more protection from the uncertainty of weather and economic conditions than the highly competitive residential market segments. In 2007, almost 70 percent of the company's sales came from professional markets, versus one-third in 1990.

On Dec 5, 2001, Toro adopted new accounting rules the Emerging Issues Task Force had issued and restated the prior periods. The adoption of these rules had no effect on operating earnings or net income.

In 2007, the low-end lawn and garden tractor product manufacturing was outsourced to MTD Products, to be sold at Home Depot stores.[4]

In 2014, the snowplow and snow removal equipment company Boss Products was purchased by Toro.[5]

Brands

The company's products are marketed under several brands:[6]

References

  1. ↑ "The Toro Company (TTC) Number of Employees". Yahoo! Finance. Retrieved 10 September 2015.
  2. ↑ "The Toro Company History 1910-1919". Toro. Retrieved 10 September 2015.
  3. ↑ Company history 1980-1989 "The Toro Company History 1980-1989" Check |url= value (help). Toro. Retrieved 10 September 2015.
  4. ↑ "New Line of Toro Lawn and Garden Tractors to Debut at Toro Dealers and The Home Depot" (Press release). Toro. 5 January 2006. Retrieved 10 September 2015.
  5. ↑ "Boss Products to be Purchased by The Toro Company" (PDF) (Press release). Boss Products. 27 October 2014. Retrieved 10 September 2015.
  6. ↑ "The Toro Company - Our brands". Toro. Retrieved 10 September 2015.
  7. ↑ Toro Company
  8. ↑ eXmark
  9. ↑ Lawn-Boy
  10. ↑ Irritrol
  11. ↑ Toro Australia − Pope
  12. ↑ Hayter


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