Toro closes deal with Xiamen Xiangfeng
The Toro Company has completed its acquisition of Xiamen Xiangfeng Water Saving Equipment Co., Ltd., a Xiamen City-based irrigation products manufacturer.
The strategic move seeks to strengthen Toro's position in China, which is a major growth market for micro irrigation. The company also recently built a micro irrigation manufacturing facility in Romania.
“As we look to the future, water availability and increasing demand for food are driving awareness for the importance of more efficient forms of irrigation,” said Michael Drazan, vice president of Toro’s Global Micro Irrigation Business. “Toro’s worldwide agricultural micro irrigation business meets this challenge by delivering high-quality solutions for growers.”
Bloomington, Minn.-based Toro's initial entry into the market began with its acquisition of James Hardie Irrigation in 1996, continuing with the development of drip technologies and investments.
The specific terms of the Xiamen Xiangfeng transaction remain undisclosed.