The Toro Co. has submitted plans to the city of Bloomington to expand its corporate headquarters with a 75,000-square-foot, three-story addition.
The expansion is slated for the north side of Toro's existing 1952-built, single-story headquarters near the intersection of Lyndale Avenue South and 82nd Street West, according to Larry Lee, Bloomington's director of community development.
Toro has asked the city to rezone from residential some of the 15 acres next to its headquarters that it has amassed over the years.
A Toro company spokesman declined to discuss the company's expansion plans.
Toro's expansion plan will likely be heard by the city planning commission June 6 and the City Council on July 1, Lee said.
Worldwide, Toro owns about six million square feet of manufacturing, distribution, warehouse, and office facilities. Last year, Minneapolis Ryan Cos. US Inc. began building a 450,000-square-foot distribution center for Toro near Des Moines, Iowa.
Toro, which makes mowers, irrigation supplies and a variety of power equipment such as snowthrowers and leaf blowers for residential and professional markets, reported strong results Thursday for its fiscal second quarter, beating analysts' estimates.
The company had profits of $78.4 million, or $1.32 per share, in the quarter, up from $68.8 million, or $1.13 per share a year ago. Toro's revenue rose 2 percent to $704.5 million, up from from $691.5 million. Strong contractor sales offset weakness in Toro's residential business during the quarter.
The company's stock (NYSE: TTC) was up $2.23 per share, or about 4.8 percent, to $46.68 in late afternoon trading. Click here to see the company's full press release.