US-based producer of engineered steel structures Valmont Industries Inc. on March 4 consented to buy UK engineered steel products manufacturer and galvanizing services provider Delta Plc for £284.5 million ($429.1 million) or £1.85 (approximately $2.8) in cash for each Delta share.
Valmont, which seeks to expand outside the US, said that the price was decided on the basis that Delta will not pay a final dividend for the year ended December 31.
Valmont is to take over the UK-based manufacturer's 2,500 employees spread across Australia, Asia, South Africa and the US, including its management. Delta Group produces steel poles and structures and offers galvanizing services.