Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Valmont exits offshore wind with business unit sale By: Green Power RSS Feed November 14, 2022 at 08:22 AM EST The company said it plans to use net cash proceeds from the sale to help repay short-term borrowings. Valmont Industries said it will sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market. The sale comes as Nebraska-based Valmont focuses on its solar energy business, which it said offers the highest potential for “global growth,m scalability and value creation.”Valmont acquired the offshore wind business, known as Valmont SM, in 2014. The unit is expected to generate around $100 million of revenue in fiscal 2022. The company said it plans to use net cash proceeds from the sale to help repay short-term borrowings.The sale is expected to result in a loss per share of ($1.20) to ($1.45), nearly all which stems from what the company said is a non-cash accumulated currency translation loss. Valmont said it expects the deal to close in the fourth quarter.Founded in 1988, Euro Steel Denmark supplies steel plates, beams, and other products to turbine manufacturers in European wind markets. Stock Quote API & Stock News API supplied by www.cloudquote.io Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Valmont exits offshore wind with business unit sale By: Green Power RSS Feed November 14, 2022 at 08:22 AM EST The company said it plans to use net cash proceeds from the sale to help repay short-term borrowings. Valmont Industries said it will sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market. The sale comes as Nebraska-based Valmont focuses on its solar energy business, which it said offers the highest potential for “global growth,m scalability and value creation.”Valmont acquired the offshore wind business, known as Valmont SM, in 2014. The unit is expected to generate around $100 million of revenue in fiscal 2022. The company said it plans to use net cash proceeds from the sale to help repay short-term borrowings.The sale is expected to result in a loss per share of ($1.20) to ($1.45), nearly all which stems from what the company said is a non-cash accumulated currency translation loss. Valmont said it expects the deal to close in the fourth quarter.Founded in 1988, Euro Steel Denmark supplies steel plates, beams, and other products to turbine manufacturers in European wind markets.
