Valmont Industries – VMI – Announces Acquisition of Canadian Galvanizing Operations
NYSE: VMI), a leading global manufacturer of engineered products for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, announced 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.”
About Valmont – VMI
Valmont (VMI) 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 Industries, Inc. is a global producer of fabricated metal products.
VMI 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.
VMI operates through four segments: Engineered Infrastructure Products (EIP), Utility Support Structures (Utility), Coatings and Irrigation. EIP segment consists of the manufacture of engineered metal structures and components for the global lighting and traffic, wireless communication, roadway safety and access systems applications. Utility segment consists of the manufacture of engineered steel and concrete structures for the global utility industry. Coatings segment consists of galvanizing, anodizing and powder coating services on a global basis. Irrigation segment consists of the manufacture of agricultural irrigation equipment and related parts and services. During the year ended December 31, 2011, the Company exited its structures joint venture in Turkey and ceased its structures sales and distribution operation in Italy.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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