Valmont acquires shares of another company

The acquisition is expected to close later in January with a  price of approximately $42 million

Valmont

Valmont acquires shares of another company. Source: shutterstock.com

Valmont, the engineered products company, announced its entry into a definitive agreement to acquire the remaining 49% stake in AgSense.

As long as its 51% stake was acquired in August 2014, AgSense’s operating results have been included in the company’s consolidated financial statement.

Although, the transaction will not impact revenue or operating income but will be earning per share accretive in fiscal 2020.

Our goal has always been to fully own AgSense, so this transaction represents the achievement of another major milestone as we continue to execute on our technology strategy. We have demonstrated that our team and our dealers are able to successfully work with technology partners over time. We welcome the AgSense team to our technology sales group and are excited to continue investing in innovation to meet growers’ needs around the world
Len Adams, Group President, Valmont Irrigation

AgSense and its industry-leading remote management technology provided integrated and advanced irrigation technology solutions available to the market, growing to approximately 95,000 connected devices worldwide.

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