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 entered into a definitive agreement to sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market.
The offshore wind business, known as Valmont SM, was acquired in 2014. It is reported in the Renewable Energy product line in the company’s Infrastructure segment and expected to generate approximately $100 million of revenue in fiscal 2022. The Company plans to utilize the net cash proceeds from this transaction toward repayment of short-term borrowings.
“A critical aspect of our strategy is to focus our businesses in areas where we see the highest potential for global growth, scalability and value creation,” said Valmont President/CEO Stephen Kaniewski. “This transaction enables our Renewable Energy management team to focus exclusively on expanding our solar business, which has tremendous growth opportunities globally and better aligns with our strategy of delivering long-term value to our shareholders. I want to thank our Valmont SM associates for successfully facilitating the efforts to reshape the business toward more profitable growth.”
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