U.S. engineered products and infrastructure development services company Valmont Industries Inc. has agreed to acquire a 75% stake in Italian solar tracker manufacturer Convert Italia SpA. The company said it financed the operation with cash and did not provide any further financial detail.
The U.S. group said it expects the acquisition to be slightly earning-per-share “accretive” this financial year, with a rise in EPS of approximately $0.10 in the next financial year.
“The partnership with Convert Italia is an exciting advancement of our strategy to grow market adjacencies in our Utility Support Structures business,” said Valmont CEO Stephen Kaniewski. “Combining their single access tracker technology with our global manufacturing capabilities and utility customer base allows us to provide an integrated solar tracker solution to utility-scale customers around the world.”
“This operation will enable Convert to enter the U.S. solar market,” said Convert CEO Giuseppe More, in a statement to pv magazine. “On … top of this, it will provide the company with … financial strength and the support of its 83 facilities across the world.”
Rome-based Convert Italia has offices in Brazil and Argentina and opened a manufacturing facility in the latter in March.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.