The Toro Company acquired James Hardie Irrigation Group for approximately $119.0 million, a transaction completed in December 1996, structured as all cash (initially bank-debt financed).
James Hardie Irrigation Group operates in Irrigation, is based in United States (with international irrigation operations). Toro completed the purchase of the James Hardie Irrigation Group in December 1996 for about $119.0 million, initially funded with temporary bank debt that Toro planned to refinance with long-term public debt. The business supplied sprinkler heads and automatic electronic controllers for residential, commercial and golf-course irrigation, and brought Toro into agricultural micro-irrigation (drip tape, hose, emitters). Acquired product lines were rebranded under the Irritrol name and sold through both Toro and non-Toro irrigation dealers. Exact day of closing is not stated in the filing; month is disclosed as December 1996.
The acquisition of the James Hardie Irrigation Group enhances Toro's product line for residential and commercial irrigation systems and also provides products for the agricultural micro-irrigation segment.
Irrigation business (Irritrol brand)
Advisory firms were not disclosed for this transaction.