BLOOMINGTON, Minn., July 18 /PRNewswire-FirstCall/ -- The board of directors of The Toro Company today authorized the company to purchase up to 3,000,000 additional shares of its common stock in the open market or in privately negotiated transactions.
This new authorization is in addition to approximately 50,000 remaining shares available for repurchase under a previous authorization. The company continues to believe that a stock repurchase program is in the best interest of its stockholders and is an appropriate use of cash.
About The Toro Company
The Toro Company is a leading worldwide provider of outdoor beautification products, support services and integrated solutions. With sales of $1.8 billion in 2005, Toro is committed to providing environmentally responsible products of customer-valued quality and innovation. Since 1914, the company has built a tradition of excellence around a number of strong brands that serve a customer base that includes golf course superintendents, groundskeepers, sports field managers, landscape and irrigation contractors, fruit and vegetable growers, and homeowners. The Toro Company is headquartered at 8111 Lyndale Avenue in Bloomington, Minn. Visit the company website at http://www.thetorocompany.com/ .
