A definite agreement has been reached, according to a press release from Valmont Industries, Inc., to sell its offshore wind business to Euro Steel, a provider of steel goods to the European wind industry with headquarters in Denmark.
2014 saw the acquisition of the Valmont SM offshore wind company. It is included under the Renewable Energy product line in the business' infrastructure division and is anticipated to bring in around $100 million in sales in the upcoming fiscal year.
The net cash received from this transaction will be used by the corporation to pay off short-term debt.
The transaction will result in a loss per share of between USD 1.20 and USD 1.45, almost entirely as a result of a non-cash accumulated loss from currency translation.
The transaction is expected to close in the fourth quarter of 2022, subject to the usual closing conditions.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only
