Valmont Completes Divestiture of its Offshore Wind Business

Rhea-AI Summary

Valmont Industries, Inc. (NYSE: VMI) has successfully completed the sale of its offshore wind business, Valmont SM®. This divestiture is part of the company’s strategic focus on core infrastructure and agricultural productivity sectors, enhancing its innovation capabilities. Valmont continues to emphasize its commitment to improving resource efficiency and sustainability, with a history of over 75 years in the industry. Forward-looking statements in the release indicate management's awareness of risks including market conditions and economic factors affecting performance.

Positive

• Completion of the divestiture of Valmont SM®, enhancing strategic focus.
• Continued commitment to core infrastructure and agricultural productivity.

Negative

• None.

OMAHA, Neb.--(BUSINESS WIRE)-- Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today announced that the Company has completed the previously announced sale of Valmont SM^®, its offshore wind business.

About Valmont Industries, Inc.

For over 75 years, Valmont^® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.^® at valmont.com.

Concerning Forward-Looking Statements

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, the continuing and developing effects of the pandemic including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, 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, geopolitical risks, 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 source version on businesswire.com: https://www.businesswire.com/news/home/20221230005210/en/

Renee Campbell

renee.campbell@valmont.com

Source: Valmont Industries, Inc.

FAQ

What was announced by Valmont Industries on the sale of its offshore wind business?

Valmont Industries announced the completion of the sale of its offshore wind business, Valmont SM®.

How does the divestiture impact Valmont Industries?

The divestiture allows Valmont Industries to sharpen its focus on core sectors and enhance innovation in infrastructure and agriculture.

What is the stock symbol for Valmont Industries?

The stock symbol for Valmont Industries is VMI.

What are the risks mentioned in the Valmont Industries press release?

The press release mentions risks such as market conditions, economic factors, and uncertainties related to supply and competition.