Valmont Acquires PennSummit Tubular
OMAHA, Neb., Jan 17 -- Valmont Industries, Inc. (NYSE:VMI), a leading global manufacturer of engineered support structures for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services and tubular products, announced today that it has acquired the assets of PennSummit Tubular, LLC, a manufacturer of steel poles primarily for the utility industry. PennSummit, which is headquartered in Hazelton, Pennsylvania, had fiscal year 2007 revenues of approximately $50 million.
"PennSummit is a very strategic acquisition as it broadens Valmont's customer base in the utility industry and strengthens our leadership position," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer. "As the utility industry continues to invest in the transmission and distribution grid and improve the reliability of electric power delivery, Valmont's investment is especially timely."
Earl Foust, Valmont's President of the Utility Structures Division added, "PennSummit further enhances our geographic footprint with two locations in Pennsylvania. This allows us to better serve our utility customers in the Northeast, where previously we did not have any manufacturing facilities. We have known and respected the PennSummit organization for many years, and will benefit from the capabilities of their seasoned management team. PennSummit Tubular will carry the name Valmont-PennSummit and operate as part of Valmont-Newmark, the Utility Division of Valmont Industries, Inc. Valmont-PennSummit will continue to be led by Raj Pawar, and we are delighted that Raj and his team have decided to join forces with Valmont."
Added Raj Pawar, President of PennSummit Tubular, "We are very excited to join the Valmont team, Valmont's commitment to engineering, quality, service and product development complements the PennSummit culture."
Valmont is the global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, 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.
Source: Valmont Industries, Inc.
CONTACT:
Jeff Laudin
of Valmont Industries, Inc.,
+1-402-963-1158, fax,
+1-402-963-1198
