OMAHA, Neb., May 7, 2014 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure and mechanized irrigation equipment for agriculture, announced today that its board of directors has promoted Vik Bansal to the newly created position of President and Chief Operating Officer of Valmont. The appointment is effective July 1, 2014. Bansal will become responsible for the daily operations of Valmont and will be reporting to Mogens Bay, Valmont's Chairman and Chief Executive Officer.
"Vik is an experienced global executive with a successful track record both at Valmont and at prior assignments," said Mr. Bay. "He is a strategic thinker and committed to operational excellence. He will be a key partner in growing Valmont's global businesses."
Bansal has been Group President of Valmont's Global Engineered Infrastructure Products segment since January 2013. Before that, he was President of Valmont's businesses in the Asia-Pacific region residing in Sydney, Australia. He also previously held management positions in Eaton Corporation and OneSteel.
Bansal holds an electrical engineering degree from N.I.T.-India, an MBA from Deakin University in Australia and completed his advanced Management Program from INSEAD.
Valmont is a global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication, wind energy, oil and gas exploration applications and utility markets, industrial access systems, highway safety barriers and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources. In addition, Valmont produces a wide variety of tubing for commercial and industrial applications.
This release 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'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 release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont'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'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'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 press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
SOURCE Valmont Industries, Inc.
