TORONTO — Industrial equipment company Toromont Industries Ltd. has a friendly deal to buy the Quebec-based Hewitt Group for a combination of cash and shares worth about $1.02 billion.The transaction will combine two of Canada’s largest heavy equipment distributors and expand Toromont’s network of Caterpillar dealerships.Toronto-based Toromont says the acquisition of Hewitt, a private company based in the Montreal-area community of Pointe Claire, Que., will add 45 branches and 2,000 employees in Quebec and the Maritimes.That will bring Toromont’s total number of Caterpillar dealerships to 120, located in Canada’s seven eastern provinces and the northern territory of Nunavut.Toromont rose 12 per cent to US$50.46 at 11:15 a.m. in Toronto, heading for the steepest gain in 30 years. The stock earlier touched US$50.95, the highest price since at least 1983 when Bloomberg records begin.Toromont chief executive Scott Medhurst is expected to provide additional details during a conference call with analysts this morning.Hewitt chief executive Jim Hewitt says the sale of the family-owned business founded by his father makes sense given the trend towards consolidation in the sectors where the company operates.“The decision to sell the business founded 65 years ago by my father has not been an easy one, but is the outcome of much reflection on the part of my son David and me,” Jim Hewitt said in a statement issued at the same time as Toromont’s announcement.With file from Bloomberg
The Ohio State women’s volleyball team celebrates after defeating No. 4 Penn State in four sets on Sept. 23. Credit: Miranda Lipton | Lantern ReporterFollowing their upset against No. 4 Penn State on Sunday, Ohio State does not have much time to prepare for their next match. The Buckeyes will face two Big Ten opponents this week with Indiana at home on Wednesday, then travelling to College Park for a road game against Maryland on Sunday. Head coach Geoff Carlston is focused on keeping the team strong, allowing them to relish their victory while also keeping their focus heading into the rest of the season.“We just have to stay healthy,” Carlston said. “That’s the biggest thing — sort of managing our swing so we’re in the best position to win.”The team matches up against both of their opponents fairly evenly. The Buckeyes stand at 10-4 and 1-1 in the Big Ten, while the Hoosiers are 10-3 and 1-1 and Maryland is at 10-4 and 1-1. Redshirt sophomore middle blocker Jordan Fry said the sharp increase in talent and competition in the Big Ten brings on a new dynamic in their season.“The Big Ten has been crazy,” Fry said. “The first couple of games, I was nervous, but I know I can play well against anyone. As long as I have my teammates behind me I know we can all play well against anyone.”In the 2018 season, the Buckeyes have had 688 kills, 1817 total attacks, 261 errors and 74 service aces.Freshman outside hitter Mia Grunze leads the Buckeyes with 153 kills and freshman opposite hitter Vanja Bukilic leads with 2.94 kills per set. Averaging 13.35 kills per set, Indiana has recorded 2.77 blocks per set and has 67 total aces through 13 games played. Indiana redshirt junior outside hitter Kendall Beerman leads the Hoosiers with 161 kills and 3.43 kills per set. Maryland sophomore outside hitter Erika Pritchard has been solid all season for the Terrapins, averaging 4.22 kills per set. The Buckeyes will face Indiana at home on Wednesday at 7 p.m. at St. John Arena before heading to College Park, Maryland to face the Terrapins at 7 p.m.