Valmont Industries, Inc., a global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today announced a definitive agreement to sell its Australian mining consumables business to Moly-Cop, a portfolio company of American Industrial Partners, a private equity firm headquartered in the United States.
This business, known as Donhad Pty. Ltd., was acquired as part of Valmont's acquisition of Delta plc in May 2010 and is reported as part of the company's Energy and Mining segment, generating $83.1 million in revenues in 2016. The company plans to use the proceeds from the sale to reinvest in opportunities to grow and improve its existing infrastructure and agricultural businesses.
The closing of the transaction is subject to customary conditions and is expected to be completed by the end of 2017, the timing of which is also dependent upon receiving Australian regulatory approvals. No further transaction details were disclosed.
Moly-Cop is a leading global manufacturer of grinding media used primarily by global copper, gold, and iron ore producers to break down ore in the primary phase of mineral concentration. Moly-Cop was acquired by American Industrial Partners in January 2017.