Tornado’s income has increased sharply. Annual income has increased by more than 30% in 2024 and 130% in the past two years, the Ditch Witch partnership being a key factor.
Companies expect the agreement to end in the first quarter of 2026. Toro plans to keep the Tornado brand and make a division of the underground and specialized construction group of the company.
The tornado has around 300 employees and manufacturing operations in the cities of Alberta in Red deer and Nisku. The management and employees of the company should carry out the transition to Toro.
“This acquisition will help extend both our geographic footprint and our range of products to better serve customers confronted with complex energy projects, transmission of power and water infrastructure,” said Peter Moeller, vice-president of the Toro group of underground and specialized construction, in a press release.
According to a Tornado press release, he has undergone a strategic examination of alternatives in the past eight months involving potential strategic and financial buyers. Alexandra Ricci, analyst at Paradigm Capital who follows Tornado, wrote in research note that she did not think that a new tenderer would emerge.
