Valmont Industries, Inc. announced that it has acquired Stainton Metal Company Ltd, a leading U.K. manufacturer of street lighting poles.
Stainton Metal Company brings 30 years of experience supplying municipalities and lighting contractors with a wide range of lighting support structures. The United Kingdom based company also manufactures a wide range of support structures for high mast and flood lighting, the tramway, electrical distribution and wind energy industries, as well as having a structures testing business trading under the name of Rei-lux U.K.
The company has enjoyed solid growth over the last few years increasing its annual sales to over $20 million, while at the same time investing to increase its manufacturing and painting capacity. Victor Grizzle, President of Valmont's International division, added, "Stainton Metal brings a broad range of high quality products, a strong management team, and long-standing customer relationships. Stainton is an industry leader in the U.K. market. They offer a solid platform to serve the U.K. customers with the total global capabilities of Valmont. We are very pleased to have the Stainton Metal team join the Valmont family."
Phil Plackett, Managing Director of Stainton Metal, said, "The entire team at Stainton Metal are very excited to join forces with Valmont. Valmont's vast worldwide experience, resource and expertise will allow us to take advantage of opportunities that we previously thought were unattainable. We know that Valmont will encourage us to continue to invest and implement our ambitious growth plan over the next five years, and we look forward to the additional market opportunities that Valmont's products will allow us in the U.K."
Valmont is the global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, 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 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, 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.