Philips Sells Shakespeare Composite Structures to Valmont
Editor’s Note: Below is the Press Release issued by Valmont which never mentions Philips or Philips Lighting. We were unable to find a press release issued by Philips or Shakespeare.
OMAHA, Neb., Oct. 6, 2014 /PRNewswire/ — Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment for agriculture, announced today that it has acquired Shakespeare Composite Structures (www.skp-cs.com). Shakespeare, a U.S. market leader in fiberglass reinforced composite structures and products, and the originator of the composite light pole, has two manufacturing facilities in South Carolina and annual revenues of approximately $55 million. The acquisition extends Valmont’s leading product offerings in the lighting, traffic and utility markets. The acquisition closed today. No further transaction details were disclosed.
“This acquisition enables Valmont to combine Shakespeare with our existing composite products to create a complete product offering of composite structure solutions,” said Vik Bansal, Valmont’s President and Chief Operating Officer. “The Shakespeare management team shares Valmont’s culture and passion for the customer and will be retained to manage the newly-formed composites business unit. The combination of Shakespeare’s products and capabilities with Valmont’s global presence allows us to broaden Valmont’s product line and offer greater distribution outlets for Shakespeare.”
“We are absolutely excited about being acquired by renowned industry leader, Valmont, as we fit so well with their core competencies and culture,” added Eric Haddad, General Manager of Shakespeare Composite Structures. “With Valmont’s global resources, we look forward to greater opportunities to grow our business and our team. The strategic acquisition emphasizes the importance of composite materials in engineered structural and high strength corrosion-resistant products.”
Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its mechanized irrigation equipment for large scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
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.