Valmont Industries, Inc. has entered into a definitive agreement to acquire HR Products, a leading wholesale supplier of irrigation parts in Australia.
HR Products provides a broad range of irrigation products to serve the agriculture and landscaping industries. The company was established in Perth, Western Australia in 1979, and has grown to nearly 100 employees and six warehouse facilities, with an extensive dealer network across the country that further strengthens Valmont’s market leadership.
According to Joshua Dixon, group president, irrigation with Valmont, Australia is a well-developed agriculture market and the region is focused on converting from flood irrigation as it has experienced persistent water supply challenges. “HR Products has a proven and successful distribution model with strong customer relationships and robust operations across the geographically-diverse country,” he noted. “We are excited to welcome the HR Products team to Valmont and look forward to integrating the business and providing further value to Australian agriculture customers.”
The transaction will be funded with cash on hand and is expected to be immediately accretive to earnings, with Year 1 revenue of approximately USD$45 million. The transaction is expected to close in the third quarter of 2023 and is subject to customary closing conditions. No further financial details were disclosed.
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