Valmont Secures USD $85 Million Order for Irrigation Products and Technology Solutions
January 09 2023 - 4:16PM
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 it has entered into a supply agreement to provide
mechanized irrigation equipment and innovative technology for
multiple agricultural development projects in Africa. The agreement
will harness the market-leading solutions of Valley® Irrigation, a
Valmont company, to help meet the escalating global demand for more
efficient and reliable food production, and support national
investments in agriculture to feed growing populations and address
ongoing food security concerns.
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“This new engagement is a testament to our technology leadership
and ability to secure large-scale projects that address the
critical need by many countries to increase food production while
decreasing dependence on grain imports,” said Josh Dixon, Valley
Irrigation President. “Our successful execution of several projects
within the region has demonstrated the value of our
technologically-advanced irrigation products and dealer network,
giving customers confidence in our ability to consistently deliver
results. This supply agreement validates the continuing strength of
our international project pipeline, and we are very excited about
the momentum this opportunity provides heading into 2023.”
Utilizing Valley’s market-leading, proprietary technology
solutions, this project will become one of the largest
installations of connected pivots. With remote monitoring and
controls, this project will maximize crop yields and minimize
inputs, while conserving approximately half the water used by
traditional irrigation methods. Project shipments are expected to
begin in second quarter of 2023.
Dixon continued, “Large-scale international projects continue to
advance our market growth strategy as we serve the many countries
looking to maximize the value of their land through agriculture
development. We work together with the customer to find the best
solution for their needs, while minimizing inputs such as labor and
scarce fresh water. Our team is honored to be the partner of choice
around the world.”
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating
vital infrastructure and advancing agricultural productivity.
Today, we remain committed to doing more with less by innovating
through technology. Learn more about how we’re Conserving
Resources. Improving Life.® at valmont.com.
About Valley Irrigation
Valley® Irrigation, a Valmont® company, has been the leader in
advancing agricultural productivity, from the first center pivots
in 1954 to the precision ag technology of today. Decades of thought
leadership and technological innovation have helped growers
increase food production and conservation of natural resources
around the world. Valmont is a global leader in creating vital
infrastructure and advancing agricultural productivity to improve
life. Learn more about Valley Irrigation at valleyirrigation.com
and Valmont at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on assumptions that
management has made in light of experience in the industries in
which Valmont operates, as well as management’s perceptions of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate under the
circumstances. As you read and consider this release, you should
understand that these statements are not guarantees of performance
or results. They involve risks, uncertainties (some of which are
beyond Valmont’s control) and assumptions. Although management
believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Valmont’s actual financial results and cause them to differ
materially from those anticipated in the forward-looking
statements. These factors include among other things, the
continuing and developing effects of the pandemic including the
effects of the outbreak on the general economy and the specific
economic effects on the Company’s business and that of its
customers and suppliers, risk factors described from time to time
in Valmont’s reports to the Securities and Exchange Commission, as
well as future economic and market circumstances, industry
conditions, company performance and financial results, operating
efficiencies, availability and price of raw material, availability
and market acceptance of new products, product pricing, domestic
and international competitive environments, geopolitical risks, and
actions and policy changes of domestic and foreign governments. The
Company cautions that any forward-looking statement included in
this press release is made as of the date of this press release and
the Company does not undertake to update any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20230109005718/en/
Renee Campbell renee.campbell@valmont.com
Valmont Industries (NYSE:VMI)
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