<SEC-DOCUMENT>0000900440-15-000045.txt : 20150423
<SEC-HEADER>0000900440-15-000045.hdr.sgml : 20150423
<ACCEPTANCE-DATETIME>20150423165937
ACCESSION NUMBER:		0000900440-15-000045
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150420
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Material Impairments
FILED AS OF DATE:		20150423
DATE AS OF CHANGE:		20150423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALMONT INDUSTRIES INC
		CENTRAL INDEX KEY:			0000102729
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				470351813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1207

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31429
		FILM NUMBER:		15789121

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 358
		STREET 2:		HWY 275
		CITY:			VALLEY
		STATE:			NE
		ZIP:			68064
		BUSINESS PHONE:		4023592201

	MAIL ADDRESS:	
		STREET 1:		P O BOX 358 - HIGHWAY 275
		CITY:			VALLEY
		STATE:			NE
		ZIP:			68064-0358

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY MANUFACTURING CO
		DATE OF NAME CHANGE:	19680822
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 2.05<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;Costs Associated with Exit or Disposal Activities.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On April 20, 2015, the Board of Directors of Valmont Industries, Inc. (the &#8220;Company&#8221;) authorized a broad restructuring plan (the &#8220;Plan&#8221;) of up to $60 million to respond to the market environment in certain of its businesses. As a result of the Plan, the Company expects to incur material charges for exit and disposal activities under generally accepted accounting principles.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The initial restructuring activities primarily involve consolidation of Asia Pacific operations within the Engineered Infrastructure Products and Coatings segments and in the North American part of the Utility segment.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accordingly, the Company expects to incur pre-tax cash and non-cash charges of approximately $30 million, including approximately $19 million of cash charges. These charges are expected to be incurred over the remainder of 2015.&#160;&#160;The asset impairments are primarily write-downs of property, plant, and equipment&#160;in the Engineered Infrastructure Products, Utility, and Coatings segments.&#160;&#160;The Company&#8217;s current estimate of accounting charges is as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Asset impairment: $11 million</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Property relocation and other site closure costs: $4 million</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total: Approximately $30 million</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is still evaluating other potential restructuring activities estimated up to $25 million of non-cash asset impairment and $5 million of cash expenses.&#160;&#160;The asset impairments under further assessment are primarily a write-down of goodwill in the Coatings segment and write-downs of property, plant, and equipment in the Engineered Infrastructure Products segment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 2.06.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Material Impairments.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As described in Item 2.05 above, which is incorporated into this Item 2.06 by reference, the Company estimates that it will incur asset impairment charges of approximately $11 million for the initial restructuring activities. Approximately $13 million of the $19 million of estimated cash expenditures in Item 2.05 above arise from initial restructuring activities that result in asset impairments. The asset impairments are primarily write-downs of property, plant and equipment in the Utility, Engineered Infrastructure Products, and Coatings segments associated with the operations consolidations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Material impairments estimated for activities under further assessment are up to $25 million of asset impairment charges and $5 million of cash expenditures.&#160;&#160;The asset impairments under further assessment are primarily a write-down of goodwill in the Coatings segment and write-downs of property, plant, and equipment in the Engineered Infrastructure Products segment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Forward-Looking Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This Form 8-K contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management&#8217;s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this Form 8-K, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont&#8217;s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont&#8217;s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont&#8217;s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, Company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this Form 8-K is made as of the date of the filing of this Form 8-K and the Company does not undertake to update any forward-looking statement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Valmont Industries, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;/s/ Mark Jaksich</font></div>
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