- Tornado Global (TGH) has signed an agreement with Ditch Witch for the development and supply of customized hydrovac trucks
- Ditch Witch, the purchaser, is a division of The Toro Company
- The supply contract requires the delivery of several hydrovac trucks to the purchaser
- Tornado designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta
- Tornado Global Hydrovacs Ltd. (TGH) was down 5.45 per cent, trading at C$0.52 per share at 1:18 pm ET
Tornado Global (TGH) has signed an agreement with Ditch Witch for the development and supply of customized hydrovac trucks.
The purchaser, Ditch Witch, is a division of The Toro Company. The supply contract requires the delivery of several hydrovac trucks to Ditch Witch. The agreement will generate an estimated gross revenue of US$43,850,000 over the four-year term.
Brett Newton, CEO of Tornado, commented on the news.
“This strategic alliance brings together two strong brands with a collective purpose to better serve customers. It will help meet future demands including the outlook on infrastructure spending and the effect this spending will have on hydrovac demand globally. Tornado is thrilled to have co-designed and started to supply an innovative and proprietary hydrovac truck that will be distributed through the Ditch Witch construction equipment network.”
The supply contract requires Tornado to co-develop a customized exclusively Ditch Witch branded hydrovac truck. It includes the necessary intellectual property for the design and operation of the hydrovac truck.
Tornado will then supply the customized hydrovac trucks to the purchaser commencing in fiscal year 2022 and ending in fiscal year 2025. The company expects to sell and deliver the first customized hydrovac truck in Q3 2022.
Tornado designs and manufactures hydrovac trucks and provides heavy-duty truck maintenance operations in central Alberta. The company is a pioneer and leader in the vacuum truck industry and has been a choice of oilfield and utility professionals with over 1,000 hydrovacs sold since 2005.
Tornado Global Hydrovacs Ltd. (TGH) was down 5.45 per cent, trading at C$0.52 per share at 1:18 pm ET.
