Underground compact-equipment maker The Toro Company announced Feb. 15 that it will acquire its major competitor, Charles Machine Works, for $700 million in cash.
Producer of the popular Ditch Witch line of trenchers and horizontal drills as well as Subsite Electronics underground sensor equipment, Charles Machine Works reported a calendar 2018 revenue of approximately $725 million. Based in Perry, Okla., the company traces its roots back over a century and is credited with developing the first service-line trencher in 1949.