OMAHA, Neb., April 30, 2018 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today announced that it has completed the previously announced sale of Donhad Pty. Ltd., its Australian mining consumables business, to Moly-Cop, a portfolio company of American Industrial Partners, effective April 30, 2018. The Company received approximately AUD $80 million (USD $60.3 million) of net cash proceeds, subject to certain post-closing adjustments.
The estimated, after-tax impact of the transaction is not expected to have a material effect on fiscal 2018 results. As previously communicated, the Company's current 2018 GAAP and adjusted EPS guidance excludes the effects of the transaction.
Fiscal 2018 GAAP EPS will be updated to reflect the non-cash income statement impacts, which will be determined post-closing and detailed in the Company's second quarter results, to be reported on July 23, 2018.
Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management's perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont's control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont's reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. 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.