The Toro Company (TTC) announced on Monday that its subsidiaries, Toro Australia Pty Ltd and Toro Australia Group Sales Pty Ltd, both based in South Australia, have sold the Pope Products residential garden watering and irrigation business to The AMES Company, Inc., a subsidiary of Griffon Corporation (GFF).
Pope irrigation and garden watering products are exclusively marketed in Australia and New Zealand.
This sale underscores The Toro Company's dedication to disciplined portfolio management and prudent capital allocation strategies.
Additionally, this transaction allows Toro Australia to concentrate on prime opportunities to drive sustained profitable growth across its golf, sports fields and grounds, professional contractor, rental, and residential markets.
Historically, the financial performance of the Pope Products business has been reported within the company's residential segment.
The divestiture's impact on the company's fiscal 2024 financial results is minimal and was already factored into the previously shared outlook for the third quarter and the full year.
