The Perry-based company Ditch Witch was sold to the company Toro for $700 million in cash.
Toro, which is a company based in Bloomington, MN., is an American manufacturer of turf maintenance equipment, snow removal equipment and water-saving irrigation supplies for commercial and residential gardens, public parks, golf course, sports fields and agricultural fields. According to NewsOK, Toro will pay $700 million for the privately held Charles Machine Works, Inc., whose products include Ditch Witch and other brands. The deal, which includes a combination of cash on hand and debt, is expected to be finalized before the end of the third quarter of fiscal year 2019, Toro said.
Charles Machine works in Perry employs more than 1,600 people in Perry and 500 people elsewhere. Ditch Witch is manufactured at the company’s 240-acre facility. Toro trade shares were trading at nearly 2 percent higher on Friday morning.