has completed the acquisition of Xiamen Xiangfeng Water Saving
Equipment Co., Ltd. Financial terms of the transaction were not
Headquartered in China, Xiamen Xiangfeng manufactures drip
irrigation products, sprinklers, emitters and filters for
agriculture, landscaping and green house production. Drip
irrigation, also known as micro irrigation, is an irrigation
process that saves water and fertilizer by allowing water to drip
slowly to the roots of plants through valves, pipes, tubing and
The acquisition will provide Toro an opportunity to expand its
presence in the micro irrigation business in China. Limited water
supply and growing demand for food are matters of concern. For
this, a proper irrigation system is required. Toro's worldwide
agricultural micro irrigation business will provide high-quality
solutions for farmers.
Toro, which belongs to small tools and accessories industry along
Lincoln Electric Holdings Inc.
Simpson Manufacturing Co., Inc.
), recently completed a micro irrigation manufacturing facility
in Romania to support the micro irrigation business in Asian and
Eastern European regions.
Toro continues to see growth opportunities through the ongoing
introduction of innovative products and increased focus on
markets like municipal and sports fields. The new underground
product portfolio is well positioned to grow in international
markets. However, foreign exchange volatility and social and
political unrest remain headwinds.
As a worldwide provider of turf and landscape maintenance
equipment as well as irrigation solutions, Toro helps its
customers to care for golf courses, sports fields, public green
spaces, commercial and residential properties, and agricultural
fields. The company operates through two segments - Professional
Toro currently retains a Zacks Rank #1 (Strong Buy).
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