Oklahoma-based Ditch Witch has been sold, according to a press release distributed Friday.

The Toro Company entered into an agreement to purchase The Charles Machine Works, Inc., the parent company of Perry-based Ditch Witch for $700 million. Charles Machine designs, manufactures and sells products for the underground construction market.

"The addition of Charles Machine Works will further strengthen our portfolio of market-leading brands supported by talented employees, a commitment to innovation, a best-in-class dealer network and long-standing customer relationships," said Richard M. Olson, Toro’s chairman and chief executive officer. "As an organization, Charles Machine Works aligns well with and will contribute to our own strategic priorities of profitable growth, operational excellence and empowering people. The company expands our business in a meaningful way in an adjacent category we know well through our own specialty construction business and in a market that is attractive given the potential for growth in addressing both aging infrastructure that is currently in place and new infrastructure that will be needed to support next generation technologies like 5G."

This is a developing story.