Valmont Industries, Inc. Announces Acquisition of Canadian Galvanizing Operations
OMAHA, Neb., Jan. 3, 2013 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered products for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, announced today that it has acquired the assets of Pure Metal Galvanizing of Ontario, Canada. Pure Metal is a market leader in Canada with approximate annual sales of CAD$34.0 million. Pure Metal operates five kettles out of three locations in Ontario, Canada. The specific terms of the acquisition were not announced. After consideration for transaction costs, the Company expects the acquisition to be slightly accretive to 2013 earnings.
"The acquisition of one of Canada's premier galvanizing operations broadens Valmont's global galvanizing footprint and leverages our North American galvanizing operations," said Rick Cornish, President of Valmont's Global Coatings Division.
"Joining the Valmont team is a great way for Pure Metal and its employees to build on our success," added Bruce Phillips, Director of Business Development of Pure Metal. "We look forward to an easy integration into the Valmont organization and the many additional opportunities this transaction offers Pure Metal."
Valmont is the 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.