TSX Stock Symbol: TIH
TORONTO, April 17,
2023 /CNW/ - Toromont Industries Ltd. (TSX: TIH)
announced today that it has entered into an agreement for the sale
of AgWest Ltd. ("AgWest"), a wholly-owned subsidiary, to Mechan
International, part of the Zweegers Equipment Group ("Mechan"),
effective May 1, 2023. This
Netherlands company, led by CEO
Gerrit van der Scheer, has a long
association with agricultural equipment including the distribution
of Agco and CLAAS products worldwide.
Mechan will operate the business under the AgWest brand,
retaining the current leadership team and employees. They will
continue to operate out of AgWest's three main and three satellite
locations in Manitoba,
representing the current portfolio of leading agricultural
equipment brands, including CLAAS and Agco products. Mechan's
global presence, deep agricultural knowledge, and solid
distribution reputation offer a strategic fit with AgWest's people,
customers, and suppliers.
Scott Medhurst, President and
CEO, of Toromont stated, "Thanks to the dedicated AgWest team,
loyal customers and strong supplier support, the AgWest business
has improved consistently over the past few years. We wish Mechan
and the entire AgWest team, continued success."
The proceeds of the sale of AgWest will be paid in cash and are
subject to customary post-closing adjustments. This transaction is
not expected to have a material impact on Toromont's overall future
operations, revenue or earnings.
About Toromont
Toromont Industries Ltd. operates through two business segments:
The Equipment Group and CIMCO. The Equipment Group includes
one of the larger Caterpillar dealerships by revenue and geographic
territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New
Brunswick, Prince Edward
Island, Québec, Ontario and
Manitoba in addition to most of
the territory of Nunavut. In addition, the Group includes
industry leading rental operations, a complementary material
handling business. CIMCO is a market leader in the design,
engineering, fabrication and installation of industrial and
recreational refrigeration systems. Both segments offer
comprehensive product support capabilities. This press release and
more information about Toromont Industries Ltd. can be found at
www.toromont.com.
FORWARD-LOOKING INFORMATION
Information in this news release that is not a historical fact
is "forward-looking information". Words such as "plans", "intends",
"outlook", "expects", "anticipates", "estimates", "believes",
"likely", "should", "could", "would", "will", "may" and similar
expressions are intended to identify statements containing
forward-looking information. Forward-looking information in this
release reflects current estimates, beliefs, and assumptions, which
are based on Toromont's perception of historical trends, current
conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
Toromont's estimates, beliefs and assumptions are inherently
subject to significant business, economic, competitive and other
uncertainties and contingencies regarding future events and as
such, are subject to change. Toromont can give no assurance that
such estimates, beliefs and assumptions will prove to be correct.
Numerous risks and uncertainties could cause the actual results to
differ materially from the estimates, beliefs and assumptions
expressed or implied in the forward-looking statements, including,
but not limited to failure to achieve expected outcomes from the
disposition of AgWest Ltd. Any of the above-mentioned risks and
uncertainties could cause or contribute to actual results that are
materially different from those expressed or implied in the
forward-looking information and statements included in this
release. For a further description of certain risks and
uncertainties and other factors that could cause or contribute to
actual results that are materially different, see the risks and
uncertainties set out under the heading "Risk Factors" of the most
recent management discussion and analysis accompanying our 2022
financial statements. Other factors, risks and uncertainties not
presently known to Toromont or that Toromont currently believes are
not material could also cause actual results or events to differ
materially from those expressed or implied by statements containing
forward-looking information. Readers are cautioned not to place
undue reliance on statements containing forward-looking
information, which reflect Toromont's expectations only as of the
date of this release, and not to use such information for anything
other than their intended purpose. Toromont disclaims any
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Toromont Industries Ltd.
