- Valmont Industries (NYSE:VMI) to acquire the remaining 49% stake in AgSense for ~$42M.
- The acquisition is expected to close later this month and will be funded with cash on hand.
- The transaction will not impact revenue or operating income but will be EPS accretive in FY2020, primarily from a change in earnings attributable to noncontrolling interests.
- Stephen G. Kaniewski, Valmont President and Chief Executive Officer said, “Completing our ownership of AgSense directly aligns with our strategic priority to accelerate our global technology leadership position. Its profitable, recurring revenue service model has provided a growth platform for technology sales that will continue to be beneficial to our customers and shareholders.”