Valmont Industries, Inc. Announces Sale of its 49% Stake in Manganese Metal
OMAHA, Neb., Feb. 20, 2013
OMAHA, Neb., Feb. 20, 2013 /PRNewswire/ --Valmont Industries, Inc. (NYSE:
VMI), a leading global provider of engineered products and services for
infrastructure and mechanized irrigation equipment for agriculture, announced
today the sale of Bilston Investments Proprietary Limited, a South African
holding company acquired as part of the Delta plc acquisition. All the
outstanding shares of Bilston were sold to three South African purchasers for
a total purchase price of $30 million. Bilston served as a South African
holding company for Delta plc and held 49% of the outstanding shares of
Manganese Metal Company, a non-consolidated subsidiary.
Bilston contributed $5.1 million after tax to Valmont in 2012. The Company
does not expect the profit or loss on the sale to be material, although
certain deferred tax benefits approximating $3 million associated with the
sale are expected to be recognized in 2013.
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, +1-402-963-1198
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