Valmont Announces Acquisition of Australia-Based Manufacturer of Access Systems and Perforated Metal
OMAHA, Neb., Feb. 5, 2013 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure, mechanized irrigation equipment for agriculture, announced today that it has acquired privately-held Locker Group Holdings Pty Ltd., a market leader in Australia and Asia for the manufacture of perforated and expanded metal for the non-residential market, industrial flooring and handrails for the access systems market, and screening media for applications in the industrial and mining sectors. Locker Group has annual sales of approximately $80 million and operates five manufacturing locations across the region. After consideration for transaction costs, the Company expects the acquisition to be slightly accretive to 2013 earnings.
"The acquisition of Locker Group enhances Valmont's position in the access systems market while further adding complementary exposure in the perforated and expanded metal products markets," said Vik Bansal, Group President of Valmont's Global Engineered Infrastructure Products Segment.
"Valmont is the perfect fit for the Locker Group. We look forward to leveraging our product and marketing teams and expanding our opportunities for growth in the vital Asia-Pacific region," added Ed Sill, CEO of Locker.
Valmont is a global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, industrial access systems, highway safety barriers and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current views and estimates and are subject to uncertainty and changes in circumstances. Future economic and market circumstances, industry conditions, Company performance and financial results, operating efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environment, actions and policy changes of domestic and international governments and other risks described from time to time in Valmont's reports to the Securities and Exchange Commission are examples of factors, among others, that could cause results to differ materially from those described in the forward-looking statement. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
SOURCE Valmont Industries, Inc.