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Valmont Industries Inc.
, a U.
S.
engineering products and infrastructure development services company, has agreed to acquire a 75 percent stake
in Italian solar tracker maker Convert Italia SpA.
The company said it funded the business in cash and did not provide any further financial details
.
Valmont Industries said it expects the acquisition to deliver earnings per share growth in the current fiscal year and an increase of about $0.
10 per share in the next fiscal year
.
"The partnership with Convert Italia is an exciting step forward in our strategy to increase market adjacencies in our utility support structures business," said Stephen Kaniewski, CEO of Valmont, "Combining their single access tracking technology with our global manufacturing capabilities and utility customer base enables us to provide integrated solar tracker solutions
to utility-scale customers worldwide.
" ”
"This business will enable Convert to enter the U.
S.
solar market," Convert CEO Giuseppe More said in a statement, "and it will provide the company with financial strength and support
from 83 facilities worldwide.
" ”
Rome-based Convert Italia has offices in Brazil and Argentina and opened a manufacturing facility
in Argentina in March.
Valmont Industries Inc.
, a U.
S.
engineering products and infrastructure development services company, has agreed to acquire a 75 percent stake
in Italian solar tracker maker Convert Italia SpA.
The company said it funded the business in cash and did not provide any further financial details
.
Valmont Industries said it expects the acquisition to deliver earnings per share growth in the current fiscal year and an increase of about $0.
10 per share in the next fiscal year
.
"The partnership with Convert Italia is an exciting step forward in our strategy to increase market adjacencies in our utility support structures business," said Stephen Kaniewski, CEO of Valmont, "Combining their single access tracking technology with our global manufacturing capabilities and utility customer base enables us to provide integrated solar tracker solutions
to utility-scale customers worldwide.
" ”
"This business will enable Convert to enter the U.
S.
solar market," Convert CEO Giuseppe More said in a statement, "and it will provide the company with financial strength and support
from 83 facilities worldwide.
" ”
Rome-based Convert Italia has offices in Brazil and Argentina and opened a manufacturing facility
in Argentina in March.
