Valmont Secures USD $85 Million Order for Irrigation Products and Technology Solutions

Rhea-AI Summary

Valmont Industries (NYSE: VMI) announced a supply agreement to provide mechanized irrigation equipment and technology for multiple agricultural projects in Africa. This initiative aims to enhance food production efficiency amid rising global demands and supports national agricultural investments. The project will utilize cutting-edge Valley Irrigation technology to optimize crop yields while conserving water. Shipments are projected to start in Q2 2023, reflecting the company's strong international project pipeline and commitment to sustainable farming practices.

Positive

• Supply agreement for mechanized irrigation equipment in Africa enhances food production capabilities.
• Utilization of advanced Valley Irrigation technology to maximize crop yields and conserve water.
• Shipments expected to begin in Q2 2023, indicating strong business development.

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 it has entered into a supply agreement to provide mechanized irrigation equipment and innovative technology for multiple agricultural development projects in Africa. The agreement will harness the market-leading solutions of Valley® Irrigation, a Valmont company, to help meet the escalating global demand for more efficient and reliable food production, and support national investments in agriculture to feed growing populations and address ongoing food security concerns.

“This new engagement is a testament to our technology leadership and ability to secure large-scale projects that address the critical need by many countries to increase food production while decreasing dependence on grain imports,” said Josh Dixon, Valley Irrigation President. “Our successful execution of several projects within the region has demonstrated the value of our technologically-advanced irrigation products and dealer network, giving customers confidence in our ability to consistently deliver results. This supply agreement validates the continuing strength of our international project pipeline, and we are very excited about the momentum this opportunity provides heading into 2023.”

Utilizing Valley’s market-leading, proprietary technology solutions, this project will become one of the largest installations of connected pivots. With remote monitoring and controls, this project will maximize crop yields and minimize inputs, while conserving approximately half the water used by traditional irrigation methods. Project shipments are expected to begin in second quarter of 2023.

Dixon continued, “Large-scale international projects continue to advance our market growth strategy as we serve the many countries looking to maximize the value of their land through agriculture development. We work together with the customer to find the best solution for their needs, while minimizing inputs such as labor and scarce fresh water. Our team is honored to be the partner of choice around the world.”

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.

About Valley Irrigation

Valley_® Irrigation, a Valmont^® company, has been the leader in advancing agricultural productivity, from the first center pivots in 1954 to the precision ag technology of today. Decades of thought leadership and technological innovation have helped growers increase food production and conservation of natural resources around the world. Valmont is a global leader in creating vital infrastructure and advancing agricultural productivity to improve life. Learn more about Valley Irrigation at valleyirrigation.com and Valmont 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/20230109005718/en/

Renee Campbell

renee.campbell@valmont.com

Source: Valmont Industries, Inc.

FAQ

What is Valmont Industries' recent supply agreement about?

Valmont Industries entered into a supply agreement to provide mechanized irrigation equipment and technology for agricultural projects in Africa.

How will Valmont's technology impact food production?

The technology aims to increase food production efficiency while addressing water conservation.

When will shipments for the new project begin?

Shipments for the new agricultural project are expected to begin in the second quarter of 2023.

What company does Valmont Industries own for irrigation solutions?

Valmont Industries owns Valley Irrigation, which provides advanced irrigation technology.

What is the significance of Valmont's agreement in the context of global food security?

The agreement reflects Valmont's commitment to addressing global food security concerns amid rising demands for efficient agricultural practices.