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SOURCE Valmont Industries, Inc.
OMAHA, Neb., Aug. 25, 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 a majority interest in South Dakota-based AgSense (www.agsense.net). The acquisition further extends Valmont's leading offerings in remote monitoring and control technology for agriculture.
AgSense's cutting edge global WagNet network provides growers with a more complete view of their entire farming operation by tying irrigation decision making to field, crop and weather conditions.
"We are pleased to have entered this long-term partnership," said Leonard Adams, Group President of Valmont's Global Irrigation Division. "Growers increasingly seek to utilize data driven technology to increase yields and maximize water efficiency. The cutting edge approach AgSense takes to providing technologies that our customers desire, their passion for customer service and their outstanding reputation fit perfectly with Valmont's strategy. Combining AgSense with our industry-leading BaseStation™ products will deliver the most comprehensive line of integrated solutions available to the market."
AgSense President Terry Schiltz said the similarities in customer-focused values led to the creation of this strategic alignment. "We are very excited about this partnership with Valmont," Schiltz said. "Partnering with the recognized market leader not only enhances our strong position in North America, but will provide opportunities to accelerate our growth internationally."
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 statements are based on management's current views and estimates and are subject to uncertainty and changes in circumstances. Future economic and market circumstances, industry conditions, Company performance and financial results, operating efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environment, actions and policy changes of domestic and international governments and other risks described from time to time in Valmont's reports to the Securities and Exchange Commission are examples of factors, among others, that could cause results to differ materially from those described in the forward-looking statement. 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.
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