Valmont announces $120M accelerated share repurchase

Valmont Industries announced it has entered into an accelerated share repurchase agreement with Citibank, to repurchase $120M of the Company’s common stock. The ASR is entered into under Valmont’s previously announced share repurchase program. President and Chief Executive Officer Avner M. Applbaum commented, “This ASR, along with on-going opportunistic repurchases in the open market, demonstrate our confidence in the business and our ability to consistently generate cash flows. These actions are an effective way to leverage our strong balance sheet to drive shareholder value. We remain committed to a balanced capital allocation strategy of re-investing in the business for growth, including acquisitions, and returning cash to shareholders.” Under the terms of the ASR, Valmont will make a pre-payment of $120 M to Citibank and on November 29, Valmont will receive an initial delivery of approximately 0.4 M shares. T … Valmont will have approximately $145M remaining under its previously announced share repurchase program. The share repurchase program has no stated expiration date. The Company is not obligated to make any repurchases and may discontinue the repurchase program at any time.