Valmont Industries, Inc. Completed the acquisition of Little Moreton Pty Ltd. for AUD 58.04 million.
August 30, 2023
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Valmont Industries, Inc. (NYSE:VMI) entered into a definitive agreement to acquire Little Moreton Pty Ltd for AUD 60 million on July 7, 2023. The transaction will be funded with cash on hand and The transaction is expected to close in the third quarter of 2023 and is subject to customary closing conditions. The transaction is expected to be immediately accretive to earnings, subject to working capital adjustments. David Zwi and Christian Teng of Thomson Geer acted as the legal advisor to the shareholders of Little Moreton Pty Ltd.
Valmont Industries, Inc. (NYSE:VMI) Completed the acquisition of Little Moreton Pty Ltd for AUD 58.04 million on August 31, 2023. Valmont Industries paid AUD 58.04 million, net of cash acquired and subject to customary working capital adjustments. Of this amount, AUD 7.2 million was withheld by Valmont Industries at closing as a retention fund, to be settled in two equal payments at 12 and 24 months from the acquisition date for contingencies and disagreements.
Valmont Industries, Inc. is a manufacturer of products and services for infrastructure and agricultural markets. The Company operates through two segments: Infrastructure and Agriculture. The Infrastructure segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, solar, lighting, transportation, and telecommunications, along with coatings services to protect metal products. Its Infrastructure segment is comprised of five primary product lines: Transmission, Distribution, and Substation (TD&S); Lighting and Transportation (L&T); Coatings; Telecommunications, and Solar. The Agriculture segment consists of the manufacture of center pivot components and linear irrigation equipment for agricultural markets, including parts and tubular products, and advanced technology solutions for precision agriculture. It manufactures and distributes mechanical irrigation equipment and related service parts under the Valley brand name.
VALMONT INDUSTRIES, INC. 
