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.
View original
content:http://www.prnewswire.com/news-releases/valmont-completes-divestiture-of-donhad-pty-ltd-300639041.html
SOURCE Valmont Industries, Inc.