Valmont announces divestiture of its offshore wind business

Omaha, neb.--( business wire )--valmont® industries, inc. (nyse: vmi), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today announced that the company has entered into a definitive agreement to sell its offshore wind business to euro steel, a denmark-based supplier of steel products to the european wind market. the offshore wind business, known as valmont sm®, was acquired in 2014. it is reported in the renewable energy product line in the company's infrastructure segment and expected to generate approximately $100 million of revenue in fiscal 2022. the company plans to utilize the net cash proceeds from this transaction toward repayment of short-term borrowings.
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