Toro To Boss Professional Snow And Ice Management Business For $227 Mln

(RTTNews) - Toro Company (TTC) Monday said it agreed to buy Boss professional snow and ice management business of privately-held Northern Star Industries Inc. for $227 million.

Based in Iron Mountain, Michigan, Boss designs, manufactures and sells snowplows, salt and sand spreaders, and related parts and accessories, for light and medium duty trucks, ATVs, UTVs and loaders. Boss sales in 2014 are anticipated to be about $125 million.

The transaction is subject to customary closing conditions, including regulatory approvals, and currently is expected to close during Toro's fiscal 2015 first quarter. Toro plans to fund the deal using cash in hand and credit facilities and pay $30 million in the form of a three-year unsecured promissory note.