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Valmont Board Approves Plan to Repatriate Foreign Dividends

Published on 2005-12-09. Author : SpecialChem

The Board of Directors of Valmont Industries, Inc. (NYSE: VMI) has approved a plan to repatriate approximately $17 million of foreign dividends under the provisions of the American Jobs Creation Act of 2004. The tax impact related to the dividend repatriation is expected to lower fourth quarter 2005 net income by approximately $1.1 million and diluted earnings per share by approximately 4 cents. The Company plans to invest the proceeds to fund capital expenditures as allowed under the guidelines of Internal Revenue Code Section 965. Valmont expects to report fourth quarter 2005 earnings on February 14, 2006.

Valmont is a global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.

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, 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, 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.

Source: Valmont Industries, Inc.


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