Valmont To Buy Back $120 Mln Of Shares

(RTTNews) - Valmont Industries, Inc. (VMI), a manufacturer of metal products for infrastructure and agriculture segment, on Wednesday said that it has entered into an accelerated share repurchase agreement or ASR with Citibank, N.A. to repurchase $120 million of common shares.

Under the ASR terms, Valmont will make a pre-payment of $120 million to Citibank, N.A. and on November 29, the company will receive an initial delivery of around 0.4 million shares.

The buyback is expected to close no later than the first quarter of 2024.

The ASR and ongoing purchases will be funded from available working capital and short-term borrowings, the company said in a statement.

In pre-market activity, Valmont shares are trading at $210, up 2.41% on the New York Stock Exchange.