Valmont Industries, Inc. Acquires Manufacturing Assets of Katana Summit, LLC
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OMAHA, Neb., Nov. 19, 2012 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered products for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, announced today that it has acquired manufacturing assets of Katana Summit, LLC. The 300,000 sq ft facility resides on 75 acres of land in Columbus, NE. Valmont intends to repurpose the facility for manufacture of steel transmission structures for the utility industry. The specific terms of the acquisition were not disclosed.
"The addition of the Columbus, Nebraska facility will immediately provide needed incremental manufacturing capacity to serve our utility customers. I expect when modifications are complete in 2014, the plant will have approximately $100 million in additional annual capacity," said Earl Foust, group president of Valmont's Utility Support Structures division.
Valmont is the global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, industrial access systems, highway safety barriers 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.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current views and estimates and are subject to uncertainty and changes in circumstances. Future economic and market circumstances, industry conditions, Company performance and financial results, operating efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environment, actions and policy changes of domestic and international governments and other risks described from time to time in Valmont's reports to the Securities and Exchange Commission are examples of factors, among others, that could cause results to differ materially from those described in the forward-looking statement. 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.
SOURCE Valmont Industries, Inc.