The Toro Company completed the acquisition of Charles Machine Works for $700m.

The Toro Company completed its acquisition of privately held The Charles Machine Works, an Oklahoma corporation and the parent company of Ditch Witch and other leading brands in the underground construction market, for $700m in cash. “We’re excited to welcome the men and women of Charles Machine Works to our team,” said Richard M. Olson, Toro’s chairman and chief executive officer. “As an organization, our strategic priorities of profitable growth, operational excellence and empowering people are well aligned. We are confident that together, we will further strengthen our portfolio of market-leading brands, with a focus on our customers, a commitment to innovation and leveraging our best-in-class channel networks. I am very optimistic about the momentum our combined strengths, talents and resources will generate in the future, as we continue our focus on long-term value creation for all of our stakeholders.”