TSX Stock Symbol: TIH
TORONTO, Sept. 9,
2024 /CNW/ - Toromont Industries Ltd. (TSX:TIH)
announced today that it has acquired Tri-City Equipment
Rentals, an industry leader in heavy equipment rentals, with
operations across Southwestern
Ontario.
"The heavy equipment rentals market is a long-term strategic
focus area for us," said Mike
McMillan, President and CEO of Toromont. "This acquisition
expands our Toromont Cat heavy rents business to better serve and
expand our customer base and provides a rental hub in the
southwestern Ontario region. We
are pleased to welcome the Tri-City Equipment Rentals team to the
Toromont family."
"Tri-City Equipment Rentals will continue to operate as it does
today, with Jeff Armishaw,
President, joining the Toromont team as a Strategic Advisor," said
Mike McMillan. "This will
enable a smooth transition and support business continuity going
forward for our customers and new team members."
The purchase price for the transaction was paid in cash using
available funds and is subject to customary post-closing
adjustments. It is not expected to have an overall material impact
on Toromont's combined revenue, earnings or balance sheet.
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
acquisition of Tri-City Equipment Rentals. 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 2023 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.
For more information contact:
John Doolittle
Executive Vice President and Chief Financial Officer
Toromont Industries Ltd.
T: (416) 514-4790
SOURCE Toromont Industries Ltd.
