Printer Friendly

VALMONT COMPLETES SALE OF INACOM STOCK

 VALLEY, Neb., May 3 /PRNewswire/ -- Valmont Industries Inc. (NASDAQ: VALM) today announced that the sale of its entire investment in InaCom Corp. (NASDAQ: INAC) has been finalized. The sale is consistent with Valmont's long-term strategy to exit the personal computer sales and distribution industry and focus on manufacturing opportunities. Valmont sold 3,122,190 shares of InaCom as part of a public offering for $16 per share. The transaction netted Valmont approximately $47.6 million before taxes. The company will report, as part of its second quarter earnings, a net gain from the sale of approximatley $4 million after tax. The proceeds will be used initially to reduce debt and invest in marketable securities until business expansion opportunities can be realized.
 "The sale of our interest in InaCom allows us to focus on our manufacturing businesses," said William F. Welsh II, Valmont president and chief executive officer. "We intend to reinvest the proceeds of the sale to expand our existing businesses and pursue selected acquisition opportunities. Acquisition candidates will be manufacturing businesses that can benefit from our market knowledge, technology base and manufacturing expertise, and have leadership positions in industries offering growth and profit opportunities consistent with our financial objectives," Welsh concluded.
 Valmont is the world's largest manufacturer of center pivot and linear move irrigation equipment; is a world leader in supplying pole structures to the lighting, electrical transmission and communication industries; manufactures and distributes energy-efficient lighting ballasts and controls; and produces steel tubing for specialty industrial applications.
 -0- 5/3/93
 /CONTACT: Brian C. Stanley of Valmont, 402-359-2201/
 (VALM INAC)


CO: Valmont Industries Inc.; InaCom Corp. ST: Nebraska IN: SU:

MC -- DV002 -- 3766 05/03/93 11:53 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:280
Previous Article:COGNITRONICS TO CONSOLIDATE OPERATIONS IN NEW DANBURY HEADQUARTERS BUILDING
Next Article:EPA NAMES RECIPIENTS FOR SECOND ANNUAL SAFE DRINKING WATER EXCELLENCE AWARDS
Topics:


Related Articles
VALMONT ANNOUNCES RESTRUCTURING CHARGE AND YEAR-END RESULTS
VALMONT REPORTS 68 PERCENT EARNINGS INCREASE
VALMONT'S NINE MONTH EARNINGS DOUBLE
VALMONT'S FIRST QUARTER EARNINGS FROM OPERATIONS DOUBLE; ADOPTS SFAS 109
VALMONT'S BOARD DECLARES 15 PERCENT INCREASE IN QUARTERLY DIVIDEND
VALMONT REPORTS 2ND QUARTER TOTAL EARNINGS OF $8.1 MILLION; CONTINUING OPERATIONS UP 18 PERCENT
VALMONT'S EARNINGS UP 58 PERCENT IN THIRD QUARTER
VALMONT ANNOUNCES 1993 RESULTS
VALMONT ADOPTS STOCKHOLDER RIGHTS PLAN
Valmont to Acquire PiRod.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters