TORONTO & VAUGHAN, ONTARIO–(Marketwired – Aug. 28, 2017) – Toromont Industries Ltd. (TSX:TIH), a diversified industrials company providing specialized capital equipment and ongoing support to customers in various sectors, today announced that it has entered into a definitive agreement to acquire the businesses and net operating assets1 of the Hewitt Group of companies in exchange for consideration of $917.7 million cash plus the issuance of 2.25 million Toromont shares (nominally $100 million based on 10 day average share price as at signing) for a total consideration of $1.0177 billion. Hewitt Equipment Limited is the authorized Caterpillar dealer for the province of Québec, Western Labrador and the Maritimes, as well as the Caterpillar lift truck dealer for most of Ontario. Hewitt is also the MaK dealer for Québec, the Maritimes and the Eastern seaboard of the United States, from Maine to Virginia. All amounts are in Canadian currency.
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