US infrastructure services provider Valmont Industries has struck a deal with Denmark’s Euro Steel to sell its offshore wind business for an undisclosed sum.
The Denmark-based offshore wind business, known as Valmont SM, was acquired in 2014 and is expected to generate approximately $100m of revenue in fiscal 2022.
The New York-listed Valmont said it plans to use the net cash proceeds toward repayment of short-term borrowings.
The transaction is expected to close in the fourth quarter of 2022.
