Valmont Announces Acquisition of Australia-Based Manufacturer of Access
Systems and Perforated Metal
OMAHA, Neb., Feb. 5, 2013
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
SOURCE Valmont Industries, Inc.
Contact: Jeff Laudin, +1-402-963-1158, fax: 402-963-1198
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