Toro Sells Its Australia-Based Pope Products Business To AMES Company
(RTTNews) - The Toro Co. (TTC), through its wholly-owned subsidiaries Toro Australia Pty Ltd and Toro Australia Group Sales Pty Ltd based in South Australia, announced Monday the sale of its Pope Products residential garden watering and irrigation business to The AMES Company, Inc., a subsidiary of Griffon Corp. (GFF).
Pope irrigation and garden watering products are sold exclusively in Australia and New Zealand.
This transaction represents The Toro Company's commitment to disciplined portfolio management and prudent capital allocation strategies.
The transaction also represents an opportunity for Toro Australia to enhance its focus on the best opportunities to drive long-term profitable growth in the golf, sports fields and grounds, professional contractor, rental and residential markets.
The financial results related to the Pope Products business have historically been included in the company's residential segment results.
The impact of this divestiture is immaterial to the company's fiscal 2024 financial results and was already considered in the previously shared outlook for the third quarter and full-year.
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