-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IAOHXWzRqKlHAPZYlxZMjOWvRMkV/VKX0SV+oGzEuEnVaxWNln2XXAUDFrwYA7lG RNKj+Jq8pktlEgA8QIE/Qg== 0000737758-09-000004.txt : 20090211 0000737758-09-000004.hdr.sgml : 20090211 20090211162045 ACCESSION NUMBER: 0000737758-09-000004 CONFORMED SUBMISSION TYPE: 8-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090211 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090211 DATE AS OF CHANGE: 20090211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TORO CO CENTRAL INDEX KEY: 0000737758 STANDARD INDUSTRIAL CLASSIFICATION: LAWN & GARDEN TRACTORS & HOME LAWN & GARDEN EQUIPMENT [3524] IRS NUMBER: 410580470 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08649 BUSINESS ADDRESS: STREET 1: 8111 LYNDALE AVE SOUTH CITY: BLOOMINGTON STATE: MN ZIP: 55420-1196 BUSINESS PHONE: 6128888801 MAIL ADDRESS: STREET 1: 8111 LYNDALE AVENUE SOUTH CITY: BLOOMINGTON STATE: MN ZIP: 55420 FORMER COMPANY: FORMER CONFORMED NAME: TORO CO/DE DATE OF NAME CHANGE: 19920703 8-K 1 form8k2112009.htm FORM 8-K DATED FEBRUARY 11, 2009 form8k2112009.htm


 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 11, 2009


THE TORO COMPANY
(Exact name of registrant as specified in its charter)


Delaware
1-8649
41-0580470
(State of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)


8111 Lyndale Avenue South
     Bloomington, Minnesota     
(Address of principal executive offices)
 
   55420   
(Zip Code)

Registrant’s telephone number, including area code:  (952) 888-8801


                        Not Applicable                        
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 



 
 

 
 
Section 7  —  Regulation FD

Item 7.01   Regulation FD Disclosure.

On February 11, 2009, The Toro Company announced certain cost-reduction measures, which include a workforce reduction of approximately 100 salaried and office employees, officer salary reductions, suspension of regularly scheduled salary increases for all employees, and implementation of four furlough days.  A copy of the press release issued by The Toro Company’s in connection with such announcement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.  The information in this Item 7.01 and in Item 9.01, consisting of Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.


Section 9  —  Financial Statements and Exhibits

Item 9.01   Financial Statements and Exhibits.

(d)         Exhibits.
 
Exhibit No.
Description
99.1
Press release dated February 11, 2009 (furnished herewith).


 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE TORO COMPANY
(Registrant)

Date:  February 11, 2009
By /s/ Stephen P. Wolfe                                                                
 
Stephen P. Wolfe
 
Vice President, Finance and Chief Financial Officer


 
 

 

EXHIBIT INDEX
 
EXHIBIT NUMBER
DESCRIPTION
99.1
Press release dated February 11, 2009 (furnished herewith).

 
 

 

EX-99.1 2 exhibit991.htm EXHIBIT 99.1 exhibit991.htm
 
 

 

Exhibit 99.1


Investor Relations
John Wright
Director, Investor Relations
(952) 887-8865, invest@toro.com

Media Relations
Branden Happel
Manager, Public Relations
(952) 887-8930, pr@toro.com
www.thetorocompany.com

For Immediate Release

Toro Announces Multiple Cost Saving Measures in Response to Global Recession

BLOOMINGTON, Minn. (February 11, 2009) – The Toro Company (NYSE: TTC) today announced  that it will reduce its worldwide salaried and office workforce by approximately 100 employees to better align the company’s cost structure with the current economic and business environment. The company will offer assistance to employees affected by the workforce reduction in the form of severance, extended insurance coverage, and counseling and outplacement services to help with their transition.

“We had already taken a number of actions to adjust our cost structure to meet the expected challenges of fiscal 2009. Regrettably, we have reached the point where it is necessary to further reduce our workforce,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. Combined with its previous actions of a voluntary retirement program and not filling open positions, the company will reduce its overall workforce by over 10 percent from the previous year.

The company also announced additional cost-saving actions that will impact remaining employees. Effective immediately, officers’ salaries will be reduced by 10 percent for fiscal 2009. Regularly scheduled salary increases for all employees will be suspended, and four furlough days will occur during the remainder of the year. Toro will continue to monitor production volumes and take appropriate actions in response to customer demand for its products.

About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly $1.9 billion in fiscal 2008, Toro’s global presence extends to more than 140 countries through its reputation of world-class service, innovation and turf expertise. 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.thetorocompany.com.
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