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The Toro Company Completes Acquisition of Xiamen Xiangfeng Water Saving Equipment Co., Ltd.

  The Toro Company Completes Acquisition of Xiamen Xiangfeng Water Saving
  Equipment Co., Ltd.

Helps grow Toro’s global position in agricultural micro irrigation and expand
                           geographically in China

Business Wire

BLOOMINGTON, Minn. -- September 30, 2013

The Toro Company (NYSE:TTC) today announced that it has closed its acquisition
of Xiamen Xiangfeng Water Saving Equipment Co., Ltd. Terms of the transaction
were not disclosed. Located in China’s Xiamen City, Xiamen Xiangfeng
manufactures water-efficient drip irrigation products, sprinklers, emitters
and filters for agriculture, landscaping and green house production.

“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.”

With China being a critical growth market for micro irrigation, this
acquisition provides a means to grow the company’s presence in this important
market. “We are expanding our business, as evidenced by this acquisition and
our recently completed micro irrigation manufacturing facility in Romania to
support the growing Asian and Eastern European regions,” said Drazan.

Toro entered the agricultural micro irrigation business in 1996 with the
acquisition of James Hardie Irrigation, and has since grown its position
through the development of industry-leading drip technologies and investments
to expand globally.

About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative
turf, landscape, rental and construction equipment, and irrigation and outdoor
lighting solutions. With sales of more than $1.9 billion in fiscal 2012,
Toro’s global presence extends to more than 90 countries through strong
relationships built on integrity and trust, constant innovation, and a
commitment to helping customers enrich the beauty, productivity and
sustainability of the land. Since 1914, the company has built a tradition of
excellence around a number of strong brands to help customers care for golf
courses, sports fields, public green spaces, commercial and residential
properties, and agricultural fields. More information is available at
www.toro.com.

Safe Harbor
Statements made in this news release, which are forward-looking, are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those projected or
implied. These uncertainties include factors that affect all businesses
operating in a global market as well as matters specific to Toro. Particular
risks and uncertainties that may affect the company’s operating results or
overall financial position at the present include: slow or negative growth
rates in global and domestic economies, resulting in rising or persistent
unemployment and weakened consumer confidence; the threat of terrorist acts
and war, which may result in contraction of the domestic and global economies;
drug cartel-related violence, which may disrupt our production activities and
maquiladora operations based in Juarez, Mexico; fluctuations in the cost and
availability of raw materials and components, including steel, engines,
hydraulics, resins and other commodities and components; fluctuating fuel and
other costs of transportation; the impact of abnormal weather patterns,
natural disasters and global pandemics; the level of growth or contraction in
our key markets; government and municipal revenue, budget and spending levels,
which may negatively impact our grounds maintenance equipment business in the
event of reduced tax revenues and tighter government budgets; dependence on
The Home Depot as a customer for the residential segment; elimination of shelf
space for our products at retailers; inventory adjustments or changes in
purchasing patterns by our customers; market acceptance of existing and new
products, including continued acceptance of and demand for micro irrigation
solutions; increased competition; our ability to achieve the revenue growth,
operating earnings and employee engagement goals of our multi-year employee
initiative called “Destination 2014”; our increased dependence on
international sales and the risks attendant to international operations and
markets, including political, economic and/or social instability in the
countries in which we manufacture or sell our products resulting in
contraction or disruption of such markets; credit availability and terms,
interest rates and currency movements including, in particular, our exposure
to foreign currency risk; our relationships with our distribution channel
partners, including the financial viability of distributors and dealers; our
ability to successfully achieve our plans for and integrate acquisitions,
including the completed acquisition of the micro irrigation business in China
disclosed in this press release, and manage alliances or joint ventures,
including Red Iron Acceptance, LLC; the costs and effects of changes in tax,
fiscal, government and other regulatory policies, including rules relating to
environmental, health and safety matters, and Tier 4 emissions requirements;
unforeseen product quality or other problems in the development, production
and usage of new and existing products; loss of or changes in executive
management or key employees; ability of management to manage around unplanned
events; our reliance on our intellectual property rights and the absence of
infringement of the intellectual property rights of others; and the occurrence
of litigation or claims. In addition to the factors set forth in this
paragraph, market, economic, financial, competitive, legislative,
governmental, weather, production and other factors identified in Toro's
quarterly and annual reports filed with the Securities and Exchange
Commission, could affect the forward-looking statements in this press release.
Toro undertakes no obligation to update forward-looking statements made in
this release to reflect events or circumstances after the date of this
release.

Contact:

The Toro Company
Investor Relations
Amy Dahl, 952-887-8917
Managing Director, Corporate Communications and Investor Relations
amy.dahl@toro.com
or
Media Relations
Branden Happel, 952-887-8930
Senior Manager, Public Relations
branden.happel@toro.com
 
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