OMAHA, Neb., Aug. 24, 2017 /PRNewswire/ -- Valmont
Industries, Inc. (NYSE: VMI), a leading
global provider of engineered products and services for
infrastructure development and mechanized irrigation equipment and
services for agriculture, today announced a definitive agreement to
sell its Australian mining consumables business to Moly-Cop, a
portfolio company of American Industrial Partners, a private equity
firm headquartered in the United
States. This business, known as Donhad Pty. Ltd., was
acquired as part of Valmont's acquisition of Delta plc in
May 2010 and is reported as part of
the Company's Energy and Mining segment, generating $83.1 million in revenues in 2016. The Company
plans to use the proceeds from the sale to reinvest in
opportunities to grow and improve its existing infrastructure and
agricultural businesses. The closing of the transaction is subject
to customary conditions and is expected to be completed by the end
of 2017, the timing of which is also dependent upon receiving
Australian regulatory approvals. No further transaction details
were disclosed.
Moly-Cop is a leading global manufacturer of grinding media used
primarily by global copper, gold, and iron ore producers to break
down ore in the primary phase of mineral concentration. Moly-Cop is
the industry's innovator and has deep technical knowledge in both
the underlying metallurgy of its high-performance products and the
specific product application requirements of its customers.
Moly-Cop was acquired by American Industrial Partners in
January 2017.
American Industrial Partners is an operationally-oriented
middle-market private equity firm that makes control investments in
industrial businesses serving domestic and global markets. The firm
has deep roots in the industrial economy and has been active in
private equity investing since 1989. To date, AIP has completed
over 70 transactions and currently has USD$4.1 billion of assets under management on
behalf of leading pension, endowment and financial
institutions.
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
mechanized irrigation equipment 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.
View original
content:http://www.prnewswire.com/news-releases/valmont-announces-sale-of-mining-consumables-business-300508657.html
SOURCE Valmont Industries, Inc.