Valmont Buys Privately-Held Locker Group Holdings Pty Ltd.
Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure, mechanized irrigation equipment for agriculture, announced today that it has acquired privately-held Locker Group Holdings Pty Ltd., a market leader in Australia and Asia for the manufacture of perforated and expanded metal for the non-residential market, industrial flooring and handrails for the access systems market, and screening media for applications in the industrial and mining sectors. Locker Group has annual sales of approximately $80 million and operates five manufacturing locations across the region. After consideration for transaction costs, the Company expects the acquisition to be slightly accretive to 2013 earnings.
"The acquisition of Locker Group enhances Valmont's position in the access systems market while further adding complementary exposure in the perforated and expanded metal products markets," said Vik Bansal, Group President of Valmont's Global Engineered Infrastructure Products Segment.
"Valmont is the perfect fit for the Locker Group. We look forward to leveraging our product and marketing teams and expanding our opportunities for growth in the vital Asia-Pacific region," added Ed Sill, CEO of Locker.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.