Our Origin Story
The name Toromont was conceived in 1961 by private investors in Toronto and Montreal who came together to form Toromont Industrial Holdings Ltd., a business that would leverage the opportunities resident in what, at that time, were Canada’s two main centres of commerce. Toromont’s first Chairman was a former governor of the Bank of Canada.
While much has changed over the past 60 plus years as Canada and Toromont have grown, we are proud to remain a Canadian company with deep roots in both cities anchoring our North American presence.
- Our History with Caterpillar: Toromont became a Caterpillar dealer in 1993 with the acquisition of the assets of an Ontario Caterpillar Dealership – and was awarded other Caterpillar franchises in 1996 (Newfoundland and Labrador), 2001 (Manitoba and Nunavut), 2006 (MaK marine for the entire Great Lakes region) and 2017 (Quebec, New Brunswick, Nova Scotia, P.E.I. the western portion of Labrador as well as the MaK territory for the northeastern United States from Maine to Virginia.)
- Rental Market Presence: We acquired Battlefield Equipment Rentals in 1996 and have since grown it to become a market leader in our Cat Canadian territories.
- Agriculture Business: In 2014, we acquired two private agricultural equipment dealerships in Manitoba and combined them with our existing operations to form a new company: Ag West Equipment Ltd.
- Material Handling: The acquisition of Hewitt’s material handling business in 2017 allowed us to create Toromont Material Handling to provide brand-name products and full customer service and support in our Cat Canadian territories.
- Our Oldest Business: CIMCO Refrigeration was founded in 1913 and is today a North American market leader.
Capital Market Milestones
- TSX Listing: In 1968, our stock began trading on the Toronto Stock Exchange under the ticker TIH: the same symbol used today.
- Stock Splits: Toromont stock split on a two-for-one basis four times: May 2, 1994; May 1, 1996; May 4, 1998 and April 14, 2004.
- Dividends: Toromont has paid dividends every year since going public in 1968.
- Spinoff: On June 1, 2011 we completed the spinoff of Toromont’s natural gas compression business, Enerflex Ltd., which trades on the Toronto Stock Exchange (TSX: EFX). For Canadian tax purposes, Toromont shareholders are required to allocate the adjusted cost base of their Toromont common shares to their post-spinoff Toromont common shares and Enerflex common shares, based on their relative fair market value at the effective time of the arrangement. Toromont’s estimate of this allocation is: Post-spinoff Toromont common shares 56.4% and Post-spinoff Enerflex common shares 43.6%.