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.