Valmont Announces $120 Million Accelerated Share Repurchase
30 November 2023 - 12:16AM
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 an accelerated share repurchase
agreement (“ASR”) with Citibank, N.A. to repurchase $120 million of
the Company’s common stock. The ASR is entered into under Valmont’s
previously announced share repurchase program.
President and Chief Executive Officer Avner M. Applbaum
commented, “This ASR, along with on-going opportunistic repurchases
in the open market, demonstrate our confidence in the business and
our ability to consistently generate cash flows. These actions are
an effective way to leverage our strong balance sheet to drive
shareholder value. We remain committed to a balanced capital
allocation strategy of re-investing in the business for growth,
including acquisitions, and returning cash to shareholders.”
Under the terms of the ASR, Valmont will make a pre-payment of
$120 million to Citibank, N.A. and on November 29, 2023, Valmont
will receive an initial delivery of approximately 0.4 million
shares. The final number of shares will be based on the daily
volume-weighted average share price during the term of the ASR,
less an agreed upon discount and subject to adjustments in
accordance with the ASR agreement. The ASR transaction is expected
to be completed no later than the first quarter of 2024.
As of November 29, inclusive of the ASR, Valmont will have
approximately $145 million remaining under its previously announced
share repurchase program. The share repurchase program has no
stated expiration date. The Company is not obligated to make any
repurchases and may discontinue the repurchase program at any time.
The ASR and on-going purchases will be funded from available
working capital and short-term borrowings and will be made subject
to market and economic conditions.
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, 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.
Website and Social Media Disclosure
The Company uses its website and social media channels
identified on its website as channels of distribution of Company
information. The information that the Company posts through these
channels may be deemed material. Accordingly, investors should
monitor these channels, in addition to following the Company’s
press releases, Securities and Exchange Commission filings, and
public conference calls and webcasts. The contents of the Company’s
website and social media channels are not part of this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129858043/en/
Renee Campbell renee.campbell@valmont.com
Valmont Industries (NYSE:VMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Valmont Industries (NYSE:VMI)
Historical Stock Chart
From Jul 2023 to Jul 2024