The Toro Company announced this week it has successfully completed its acquisition of privately held The Charles Machine Works, an Oklahoma corporation and the parent company of Ditch Witch and other brands in the underground construction market.

Ditch Witch

Known as 'The Underground Authority', Charles Machine Works designs, manufactures and sells a range of products to cover the full life-cycle of underground pipe and cable, including horizontal directional drills, walk and ride trenchers, utility loaders, vacuum excavators, asset locators, pipe rehabilitation solutions and after-market tools.

The acquisition, originally announced in February, brings together Toro’s portfolio of brands with Charles Machine Works’ understanding of the structures and systems that move resources across the globe, and the needs of underground construction professionals.

“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 organisation, 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.”

The purchase price was approximately $700 million, which was financed with new debt and borrowing under Toro’s existing credit facility.