Valmont Acquires PennSummit Tubular

OMAHA, Neb., Jan 17 /PRNewswire-FirstCall/ -- Valmont Industries, Inc. , a leading global manufacturer of engineered support structures for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services and tubular products, announced today that it has acquired the assets of PennSummit Tubular, LLC, a manufacturer of steel poles primarily for the utility industry. PennSummit, which is headquartered in Hazelton, Pennsylvania, had fiscal year 2007 revenues of approximately $50 million.

"PennSummit is a very strategic acquisition as it broadens Valmont's customer base in the utility industry and strengthens our leadership position," said Mogens C. Bay, Valmont's Chairman and Chief Executive Officer. "As the utility industry continues to invest in the transmission and distribution grid and improve the reliability of electric power delivery, Valmont's investment is especially timely."

Earl Foust, Valmont's President of the Utility Structures Division added, "PennSummit further enhances our geographic footprint with two locations in Pennsylvania. This allows us to better serve our utility customers in the Northeast, where previously we did not have any manufacturing facilities. We have known and respected the PennSummit organization for many years, and will benefit from the capabilities of their seasoned management team. PennSummit Tubular will carry the name Valmont-PennSummit and operate as part of Valmont-Newmark, the Utility Division of Valmont Industries, Inc. Valmont-PennSummit will continue to be led by Raj Pawar, and we are delighted that Raj and his team have decided to join forces with Valmont."

Added Raj Pawar, President of PennSummit Tubular, "We are very excited to join the Valmont team, Valmont's commitment to engineering, quality, service and product development complements the PennSummit culture."

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.