Valmont Industries
Annual Report 2003

Plain-text annual report

ANNUAL REPORT 2003 GLOBAL LEVERAGE AT WORK IN 2004, VALMONT CELEBRATES THE 50TH ANNIVERSARY OF OUR FOUNDING OF THE CENTER PIVOT IRRIGATION INDUSTRY. GLOBAL LEVERAGE. The Valmont Advantage. GLOBAL POPULATION GROWTH AND INTERDEPENDENT ECONOMIES GENERATE OPPORTUNITIES . . . AND COMPETITION. TO GROW OUR INDUSTRY LEADERSHIP, WE LEVERAGE OUR ENGINEERING CAPABILITIES AND OUR MULTINATIONAL MANUFACTURING AND DISTRIBUTION NETWORKS – AND WE DELIVER SUPERIOR PRODUCTS WORLDWIDE IN A TIMELY AND COST-EFFECTIVE MANNER. OUR STRONG GLOBAL RESOURCES SET US APART FROM THE COMPETITION. OUR MARKETS ARE SOLID. THE DEMAND FOR HIGHLY ENGINEERED PRODUCTS IS GROWING. THE NEED TO CONSERVE RESOURCES IS GREATER THAN EVER. AND IN EVERY AREA OF OUR BUSINESS, OUR PEOPLE WORK TIRELESSLY TO PRODUCE THE BEST RESULTS FOR OUR CUSTOMERS, OUR COMPANY, OUR SHAREHOLDERS, OUR WORLD. VALMONT. CONSERVING RESOURCES. IMPROVING LIFE. 1 2 6 7 8 12 14 16 20 22 24 26 28 29 30 32 33 34 35 39 40 FINANCIAL HIGHLIGHTS LETTER TO FELLOW SHAREHOLDERS AT A GLANCE CONSERVING RESOURCES. IMPROVING LIFE. ENGINEERED SUPPORT STRUCTURES: LIGHTING AND TRAFFIC ENGINEERED SUPPORT STRUCTURES: UTILITY POLES AND STRUCTURES ENGINEERED SUPPORT STRUCTURES: SPECIALTY STRUCTURES IRRIGATION TUBING COATINGS EMERGING PRODUCTS – WIND ENERGY STRUCTURES GLOBAL PRESENCE BOARD OF DIRECTORS FINANCIAL AND CORPORATE INFORMATION 11-YEAR FINANCIAL SUMMARY FINANCIAL OBJECTIVES TOTAL VALUE IMPACT SEGMENT SUMMARY INTERNATIONAL CONTACT INFORMATION CORPORATE AND STAFF OFFICERS CORPORATE AND STOCK INFORMATION GLOBAL LEVERAGE. The Valmont Advantage. GLOBAL POPULATION GROWTH AND INTERDEPENDENT ECONOMIES GENERATE OPPORTUNITIES . . . AND COMPETITION. TO GROW OUR INDUSTRY LEADERSHIP, WE LEVERAGE OUR ENGINEERING CAPABILITIES AND OUR MULTINATIONAL MANUFACTURING AND DISTRIBUTION NETWORKS – AND WE DELIVER SUPERIOR PRODUCTS WORLDWIDE IN A TIMELY AND COST-EFFECTIVE MANNER. OUR STRONG GLOBAL RESOURCES SET US APART FROM THE COMPETITION. OUR MARKETS ARE SOLID. THE DEMAND FOR HIGHLY ENGINEERED PRODUCTS IS GROWING. THE NEED TO CONSERVE RESOURCES IS GREATER THAN EVER. AND IN EVERY AREA OF OUR BUSINESS, OUR PEOPLE WORK TIRELESSLY TO PRODUCE THE BEST RESULTS FOR OUR CUSTOMERS, OUR COMPANY, OUR SHAREHOLDERS, OUR WORLD. VALMONT. CONSERVING RESOURCES. IMPROVING LIFE. Financial Highlights Dollars in millions, except per share amounts 2003 2002 2001 OPERATING RESULTS Net sales Operating income Net earnings Diluted earnings per share Dividends per share FINANCIAL POSITION $ 837.6 $ 854.9 $ 872.4 54.6 25.5 1.05 0.315 70.3 33.6 1.37 0.290 Shareholders’ equity Long-term debt as a % of invested capital 1 $ 265.5 $ 242.0 $ 30.9% 36.8% OPERATING PROFITS Gross profit as a % of net sales Operating income as a % of net sales Net earnings as a % of net sales Return on beginning equity Return on invested capital1 YEAR-END DATA Shares outstanding (000) Approximate number of shareholders Number of employees 24.8% 6.5% 3.0% 10.5% 7.4% 23,825 5,400 5,074 27.1% 8.2% 3.9% 14.9% 9.7% 23,883 5,500 5,234 65.0 26.7 1.09 0.260 225.8 41.9% 24.9% 7.5% 3.1% 13.9% 8.6% 24,477 5,500 5,342 NET SALES OPERATING INCOME DILUTED EARNINGS PER SHARE 1 See footnote (2) on page 30. 1 L E T T E R T O F E L L O W S H A R E H O L D E R S GLOBAL LEVERAGE AT WORK Leveraging our capabilities What do we mean by “Global Leverage at Work?” on a global scale is the theme Let me address each word separately, starting of this year’s Annual Report. Our “Global Leverage at Work” symbol is highlighted throughout this report. with “Global.” The drivers for our businesses are truly global. The needs for water conservation and infrastructure development are as important in international markets as they are in our home market. We believe that we can create shareholder value by taking abroad the products and services we develop for the U.S. market, and by bringing back to the U.S. product lines developed in our international markets. The speed with which we have expanded inter- nationally has been tempered by acknowledging the challenges of entering cultures and countries where we have little experience. We like to say we plant trees internationally as opposed to buying forests. It takes resources and time to nurture each tree to its potential, but in our opinion it is a more prudent way to proceed. 2 For 10 years our strategy for growth has 2003 been based on “Leverage” of product lines, Financially, 2003 was a disappointing year. market knowledge, and skill sets. An example Net earnings and earnings per share dropped of leveraging a product line is taking the center nearly 25 percent on slightly lower revenues. pivot to markets around the world. An example of market knowledge leverage is adding aluminum lighting and traffic poles to the steel product line. When we developed our coatings division, we leveraged a skill set, our galvanizing expertise, which we developed internally over decades as a cost center. The profitability of our utility business was severely impacted by extreme pricing pressures for utility structures. This was due in large part to the weak wireless communications market. Struggling manufacturers of these products continued to attempt to gain a foothold and increase their sales through low pricing. Our The word “Work” is included for a reason. coatings business struggled this year as internal When we travel around the world, we discover volumes fell and weakness in the business many instances where Valmont employees find conditions of our customer base persisted. better ways of doing things and cooperating We countered those challenges with a solid across borders. However, we must leverage these performance in our lighting and traffic opportunities and actively drive processes for businesses, particularly in North America. our customers to benefit even more from our skill sets, global plant network, and our ability to source materials globally as availability and foreign exchange rates change. Only then can we realize the significant advantages of being a worldwide corporation. China was another bright spot. Valmont recognized the significant potential of this market early on, and we have now realized seven consecutive years of improved sales and profits in our operation. China continues to invest heavily in infrastructure, creating demand I look forward to keeping you updated on these for structures for wireless communication, utility, initiatives, which I am convinced are of significant and lighting and traffic. Our Shanghai facility strategic importance. We believe our global reach and our excellent organization in China provide gives us an opportunity to build competitive us with a solid platform for further growth. advantages, as most of the companies we compete with are local or regional in nature. 3 The year 2003 was a difficult year and a year Our irrigation business excelled in 2003. of transition for our wireless communication We achieved record operating income due to business. Early in the year we combined our wire- the record performance of our international less communication and pole divisions into the irrigation business, despite an almost non-ex- engineered structures division. This move allowed istent market in the Middle East. This region us to expand our product line and provide new formed an important part of our business in products, such as overhead sign structures. We the past, but is now severely depressed due to now have a lower expense structure and a more political unrest. Leveraging our manufacturing streamlined organization that better leverages capacity and global market presence enabled our engineering and manufacturing capabilities. us to succeed in our global irrigation business. Our tubing business remained solidly profitable A Valley® center pivot is featured on the cover in 2003. We have succeeded in this arena by of this year’s Annual Report. In 2004 we will finding niche products that require high levels celebrate the 50th anniversary of our founding of engineering and manufacturing skill. We will of the center pivot industry. This engineering continue this strategy of providing exceptional marvel has revolutionized irrigated agriculture customer service in tubing, as we do in every worldwide and has been characterized in one of our businesses. Scientific American magazine as “the most 4 significant mechanical innovation in agriculture OUTLOOK FOR 2004 since the replacement of draft animals by the Looking to the year 2004, we expect improved tractor.” Valmont founded this industry and then performance. In the North American irrigation went on to leverage its experience and expertise business, increasing corn, soybean and cotton to build a diverse and successful global business. prices should be supportive both to farm Robert B. Daugherty, the founder of our company, has decided to retire from our Board of Directors after serving for 57 years. Bob acquired the patent for the center pivot in the early 1950s and developed a commercial product that debuted in 1954. His vision laid the groundwork for a global industry. He literally changed the surface of the earth. The green circles you see when flying over many parts of the world are made by center pivots. Mechanized irrigation equipment simultaneously conserves water resources and increases yields, while income and the irrigation business. We do not yet expect a recovery in the Middle East and other international markets may not achieve the record levels seen in 2003. In our infrastructure businesses, we look for better results overall. While we face uncertainties in steel pricing and availability, as well as the unknown timing of new government energy and highway legislation, we believe that on balance, we should perform better. Our coatings business should improve as the industrial economy strengthens. Our tubing business is off to a good start. producing food and fiber for mankind. Bob has I want to thank the entire Valmont team for its been the guiding force in the evolution of our continued dedication to Valmont’s success. One company and all of us at Valmont owe him an area of significant improvement in 2003 was in enormous debt of gratitude. We are determined safety performance where our focus, systems and to extend his visionary legacy into the future processes continue to pay dividends. Our goal as Valmont continues to grow and adapt to the is to be world class in safety, and thanks to the global business environment. Valmont team, we are making excellent progress. Sincerely, MOGENS C. BAY CHAIRMAN AND CHIEF EXECUTIVE OFFICER 5 C O M P A N Y O V E R V I E W AT A GLANCE. I N F R A S T R U C T U R E Engineered Support Structures LIGHTING AND TRAFFIC POLES AND STRUCTURES Area lighting poles for parking lots and public areas. Sports lighting structures for arenas and stadiums. Decorative lighting poles. Traffic and sign structures. Street and high-mast lighting poles. UTILITY POLES AND STRUCTURES Utility transmission and distribution poles. Utility substation structures. Monopoles, towers and structures for cellular, PCS, broadcast, microwave and two-way communications. Wireless communication components. Minimum visual impact structures. Overhead sign structures. SPECIALTY STRUCTURES Coatings Galvanizing, anodizing, powder coatings and integrated graphics. A G R I C U LT U R E Irrigation and Water Management Mechanized irrigation systems. Wastewater consulting services. Tubing Custom-made tubing used for mufflers, fire extinguishers, grain augers, railings, fences and other industrial applications. 6 A growing population has growing needs. CONSERVING RESOURCES. IMPROVING LIFE. From delivering precious water to croplands, to manufacturing poles and structures that dependably carry electricity, light our way, guide traffic and allow us to communicate with one another, Valmont engineers design products that conserve resources and enable people to live better. We produce and distribute them efficiently, cost- effectively and globally. 7 E N G I N E E R E D S U P P O R T S T R U C T U R E S D I V I S I O N / L I G H T I N G A N D T R A F F I C WE LIGHT THE WAY. What’s old is new again. People everywhere are proud of their history and culture, and they want cities to reflect their traditions – and be safe and inviting. Our decorative light poles help do that, merging style with Valmont’s decorative durability and economy. They illuminate walkways and set the tone in light poles merge style, historical neighborhoods throughout the world. durability and economy, making historical neighborhoods safer and more attractive. We leverage capacity. FOR A SINGLE MULTINATIONAL LIGHTING CUSTOMER, FOR EXAMPLE, WE MANUFACTURE CUSTOM LIGHTING STRUCTURES ON THREE DIFFERENT CONTINENTS. THIS GIVES US AN ADVANTAGE OVER LOCAL MANUFACTURERS AND ALLOWS US TO BALANCE CAPACITY FOR OPTIMAL COST EFFECTIVENESS. IT’S A WINNING COMBINATION THAT KEEPS CUSTOMERS COMING BACK. 9 E N G I N E E R E D S U P P O R T S T R U C T U R E S D I V I S I O N / L I G H T I N G A N D T R A F F I C WE EASE THE JOURNEY. Every minute of every day, the pulse of life travels through the streets and highways of a growing world. For ease of travel – and more importantly, for safety – people on the move are increasingly dependent Valmont traffic and on well-managed traffic systems. Doing their part, Valmont engineers lighting structures design and build traffic and lighting structures that illuminate and help make life on the streamline the thoroughfares of the world. road safer and more enjoyable for travelers on a global scale. We leverage global manufacturing presence. WITH MANUFACTURING FACILITIES FROM CHINA TO CANADA, WE CAN MEET THE NEEDS OF OUR GLOBAL CUSTOMERS WITH HIGHLY ENGINEERED STRUCTURES CUSTOM TAILORED FOR EACH APPLICATION. OUR ABILITY TO SOURCE OUR PRODUCTS FROM MULTIPLE PLANTS ASSURES OUR CUSTOMERS THAT THEY’LL HAVE JUST THE PRODUCTS THEY NEED, WHERE AND WHEN THEY NEED THEM. 11 E N G I N E E R E D S U P P O R T S T R U C T U R E S D I V I S I O N / U T I L I T Y P O L E S A N D S T R U C T U R E S WE BRING THE POWER. All around the world, people need electricity for the simplest – and the grandest – of tasks. From generation to distribution, Valmont products provide the framework and support structures that bring From generation to power to people. Our poles and substation structures are designed distribution, Valmont and manufactured for years of service. Structures that last. In all poles and substation climates, under all conditions, Valmont poles and structures stand tall. structures help supply the power that energizes modern life. We leverage local market knowledge. RAPID BUILD-OUT OF POWER TRANSMISSION INFRASTRUCTURE IS A GLOBAL TREND WITH REGIONAL REQUIREMENTS. THE ABILITY TO UNDERSTAND LOCAL MARKET NEEDS AND TO BALANCE GLOBAL CAPACITY ALLOWS VALMONT TO PROVIDE THE BEST COST, AND AT THE SAME TIME MEET LOCAL DESIGN REQUIREMENTS – AN ABILITY OUR COMPETITORS CANNOT EASILY MATCH. 13 E N G I N E E R E D S U P P O R T S T R U C T U R E S D I V I S I O N / S P E C I A L T Y S T R U C T U R E S WE OPEN CHANNELS. Wireless technology has changed the way we connect with one another. You can send and collect email, data . . . even photos . . . from your cell phone, laptop or PDA. But these hand-held miracles depend on an extensive infrastructure to work their portable magic. From cellular, Valmont provides the voice and data to broadcast and two-way radio capabilities, Valmont specialized structures provides the infrastructure backbone that helps open the channels that make the miracle of communication around the world. of modern wireless communications possible. We leverage complementary skills. WHEN OUR SPECIALTY STRUCTURES DIVISION DEVELOPED INNOVATIVE NEW SIGN AND SUBSTATION STRUCTURES, OUR UTILITY, LIGHTING AND TRAFFIC GROUPS SAW A PERFECT OPPORTUNITY TO MARKET THEM THROUGH THEIR DISTRIBUTION CHANNELS. THE RESULT – NEW AND BETTER PRODUCTS DELIVERED QUICKLY TO AN EXPANSIVE NEW MARKET. 15 I R R I G AT I O N D I V I S I O N WE BUILD LEGACIES. Our first center pivot irrigation equipment was revolutionary. But did the Valmont engineers in the 1950s and 60s believe that more than 50 years later those machines would still be working? Yes, that’s what they Rudy Meduna and were built to do. From generation to generation, technology has changed his Valley® brand but principles remain the same. And Valmont engineers continue to water-drive irrigation lead the industry with revolutionary new irrigation systems that are system share a proud built to perform. Period. legacy. Both are going strong after nearly 50 years of hard work. We leverage our legacy. WE APPLY THE LEGACY OF INNOVATION THAT HAS MADE VALMONT’S VALLEY IRRIGATION THE INDUSTRY LEADER TO OUR OTHER BUSINESSES. THIS CULTURE OF INNOVATION AND PRECISION ALLOWS US TO CREATE PRODUCTS THAT ARE THE BEST IN EVERY MARKET WE SERVE. 17 I R R I G AT I O N D I V I S I O N WE CONSERVE RESOURCES. Conserving water and increasing crop yields have never been more important, yet modern irrigation technology, incorporating remote Valley’s modern irrigation computer operation for precise applications of water and chemicals, systems are designed to is used on less than five percent of irrigated land outside the U.S. work as dependably for Only Valmont has the global presence to bring mechanized irrigation Rudy Meduna’s sons technology to farmers around the world, enabling them to grow more and grandsons as food while conserving precious water. they’ve worked for him for half a century. We leverage global market presence. IN ADDITION TO THE U.S., VALMONT MANUFACTURES IRRIGATION EQUIPMENT IN OTHER HIGH-DEMAND MARKETS – SPAIN, BRAZIL, SOUTH AFRICA AND THE MIDDLE EAST. WE LEVERAGE CAPACITY AND COSTS FOR THE COMPANY AS A WHOLE WHILE QUICKLY PROVIDING MANUFACTURING RESOURCES TO SUPPORT STRONG MARKETS ANYWHERE IN THE WORLD. 19 T U B I N G D I V I S I O N WE SHAPE THE FUTURE. As we refined our tubing expertise in our irrigation business, we Designed for safety, quickly saw opportunities in other markets. We’ve evolved to designing durability and reliability, and producing a wide variety of specialized tubing products – some Valmont’s tubing you’d never expect. From pneumatic networks embedded in the walls products – from grain of banks and hospitals to motorcycle exhaust systems, we excel at augers to mufflers to meeting engineering challenges for pipe, pole and tubing customers decorative fencing – have worldwide. If it’s cylindrical and steel and a customer wants it, we evolved into specialized can probably make it. products used in ways you would never expect. We leverage basic products and skills. THE APPLICATIONS FOR TUBING ARE ENDLESS, AND SO IS THE RESOURCEFULNESS OF VALMONT ENGINEERS. VALMONT LEADS THE WAY IN ENGINEERING SOLUTIONS FOR DIVERSE REQUIREMENTS . . . EVOLVING EXISTING PRODUCTS AND MARKETS AND FINDING NEW WAYS TO MEET CUSTOMER NEEDS. 21 C O AT I N G S D I V I S I O N WE BRAVE THE ELEMENTS. Valmont products have always been made to last. Irrigation equipment we made in the early 1950s is still in use today, and many of the products we’re making now will be used 50 years from now. Why? Because of Valmont’s protective well-planned design, high-quality steel manufacturing, and protective coatings, like anodizing coatings like anodizing and galvanizing that make products last longer. and galvanizing, help As long as people create products that need protective coatings, our make products last coatings business will add value for our customers. longer in all kinds of weather and conditions. We leverage high company standards. VALMONT’S COMMITMENT TO QUALITY AND DURABILITY IS ONE SHARED BY OUR EMPLOYEES WORLDWIDE. OUR MANUFACTURING PLANTS AROUND THE WORLD KNOW HOW HIGH WE’VE SET THE BAR, AND WE EXPECT THE SAME EFFORT FROM OUR LOCAL SUPPLIERS TO ACHIEVE UNIFORMLY HIGH QUALITY COMPANY WIDE. 23 E M E R G I N G P R O D U C T S / W I N D E N E R G Y S T R U C T U R E S WE BREAK NEW GROUND. Call them the winds of change. To solve the world’s energy shortage, alternative sources that provide electric power and conserve natural resources are desperately needed. Valmont has reengineered wind tower technology by designing a support pole with its own lifting device, Valmont engineers have eliminating the need for huge cranes and open construction sites to refined and reengineered install wind generators – helping to bring clean, low-impact energy wind tower technology to more places on earth than ever before. to simplify installation. We leverage innovative engineering. DESIGNING NEW TECHNOLOGY AND ADAPTING EXISTING PRODUCTS TO NEW AND UNIQUE ENGINEERING CHALLENGES ARE PARTS OF OUR CULTURE. OUR ABILITY TO LEVERAGE OUR ENGINEERING EXPERTISE TO SOLVE UNIQUE PROBLEMS AROUND THE WORLD – LIKE OUR WIND ENERGY SUPPORT STRUCTURE – IS ANOTHER WAY VALMONT MAINTAINS ITS COMPETITIVE ADVANTAGE. 25 LEVERAGE ON A GLOBAL SCALE. ������������������������� ������������������������ ������������� �������������� ��������������������������� ������������� ������������ �������������� �������������� ��������������������� ������������������������ ���������������������� ����������������������� ��������������������������� �������������������� ���������������������� ����������� ���������������������� ����������� ��������������� ��������������������� ����������������������������� ����������� ����������� �������������������������� ���������������������� ����������� ��������������� ����������� ��������������� ����������� ���������������� ����������� ����������������� �������������������� ������������������������ ������������������������������� �������������������� �������������� ������������� �������������������� ������������������ ����������� �������������������������� �������������������� �������������������� ��������������������������� ��������������������� ����������� ������������������ ���������������������������������� ����������������������������������� ������������������� ���������������������� ��������������������������������� ����������������� ������������������������������ ���������������������������� ���������������������������� ��������������������������� ����������� ��������������������� ����������� ������������������������� ����������� ��������������������� �������������������� �������������������� ���������������������� ���������������������� ������������ ��������������������� ����������������������������������� ���������������������� ������������������� ����������� ����������������� ����������� 26 WE’VE MADE A GLOBAL COMMITMENT TO LEVERAGE OUR PRODUCT AND MARKET STRENGTHS AND CAPABILITIES FOR THE BENEFIT OF OUR SHAREHOLDERS, OUR INDIVIDUAL BUSINESSES AND CUSTOMERS WORLDWIDE. THIS IS THE STRENGTH OF VALMONT AND THE CONTINUING FOUNDATION FOR OUR FUTURE. VALMONT. CONSERVING RESOURCES. IMPROVING LIFE. ������������������������� ������������������������ ������������� �������������� ��������������������������� ������������� ������������ �������������� �������������� ��������������������� ������������������������ ���������������������� ����������������������� ��������������������������� �������������������� ���������������������� ����������� ���������������������� ����������� ��������������� ��������������������� �������������������� ��������������������������� ��������������������� ����������� ������������������ ���������������������������������� ����������������������������������� ������������������� ���������������������� ��������������������������������� ����������������� ������������������������������ ���������������������������� ���������������������������� ��������������������������� ����������� ��������������������� ����������� ������������������������� ����������� ��������������������� �������������������� �������������������� ���������������������� ���������������������� ������������ ��������������������� ����������������������������������� ���������������������� ������������������� ����������� ����������������� ����������� ����������������������������� ����������� �������������������������� ����������� ���������������������� ����������� ��������������� ����������� ��������������� ����������� ���������������� ����������� ����������������� �������������������� ������������������������ ������������������������������� �������������������� �������������� ������������� �������������������� ������������������ ����������� �������������������������� �������������������� 27 V A L M O N T I N D U S T R I E S , I N C . BOARD OF DIRECTORS Audit Committee Walter Scott, Jr., Chairman John E. Jones Charles D. Peebler, Jr. Compensation Committee Thomas F. Madison, Chairman Stephen R. Lewis, Jr. Charles D. Peebler, Jr. Governance and Nominating Committee Thomas F. Madison, Chairman Stephen R. Lewis, Jr. Mogens C. Bay Chairman and Chief Executive Officer Valmont Industries, Inc. Director Since 1993 Robert B. Daugherty Founder and Chairman Emeritus Valmont Industries, Inc. Director Since 1947 John E. Jones Retired Chairman, President and Chief Executive Officer CBI Industries, Inc. Director Since 1993 Stephen R. Lewis, Jr. President Emeritus and Professor of Economics Carleton College Director Since 2002 Thomas F. Madison President MLM Partners Director Since 1987 Charles D. Peebler, Jr. Retired Chairman Emeritus True North Communications, Inc. Director Since 1999 Walter Scott, Jr. Chairman Level 3 Communications, Inc. Director Since 1981 Kenneth E. Stinson Chairman and Chief Executive Officer Peter Kiewit Sons’, Inc. Director Since 1996 Left. From top: Kenneth E. Stinson Walter Scott, Jr. Mogens C. Bay Right. From top: John E. Jones Charles D. Peebler, Jr. Thomas F. Madison Stephen R. Lewis, Jr. Robert B. Daugherty 28 FINANCIAL AND CORPORATE INFORMATION 29 Selected 11-Year Financial Summary (Dollars in thousands, except per share amounts) OPER ATING DATA Net sales Operating income Earnings from continuing operations Earnings from discontinued operations Cumulative effect of accounting change Net earnings Depreciation and amortization Capital expenditures Effective tax rate PER SHARE DATA Earnings: Basic Diluted Cash dividends INVESTED CAPITAL Total assets Less: accounts payable Less: accrued expenses Less: dividends payable Total invested capital FINANCIAL POSITION Working capital Property, plant and equipment, net Total assets Long-term debt, including current installments Shareholders’ equity KEY FINANCIAL MEASURES 2 Return on beginning shareholders’ equity Return on invested capital Long-term debt as a percent of invested capital YEAR END DATA Shares outstanding (000) Approximate number of shareholders Number of employees $ $ $ $ $ $ $ 2003 2002 2001 2000 1999 19981 1997 1996 1995 1994 1993 837,625 54,623 25,853 – (366) 25,487 34,597 17,679 36.3% 854,898 70,289 34,129 – (500) 33,629 33,942 13,942 36.5% 872,380 65,021 26,693 – – 26,693 36,324 25,652 36.9% 846,129 67,256 30,400 – – 30,400 30,270 46,456 36.3% 639,869 50,176 26,367 – – 26,367 21,949 37,783 36.9% 630,858 47,752 27,636 – – 27,636 19,843 29,667 36.5% 622,506 61,990 37,544 – – 37,544 16,437 39,115 36.3% 644,531 36,644 21,248 – – 21,248 14,832 35,559 35.6% 544,642 41,831 24,759 – – 24,759 12,361 34,772 35.7% 501,740 31,679 18,887 – – 18,887 11,018 23,535 36.1% 1.07 1.05 0.315 1.38 1.37 0.290 1.10 1.09 0.260 1.31 1.28 0.260 1.09 1.08 0.260 1.04 1.02 0.250 1.36 1.33 0.220 0.78 0.76 0.190 0.92 0.90 0.150 0.70 0.69 0.150 604,797 (63,256) (55,856) (1,921) 483,764 169,568 190,103 604,797 149,662 265,494 10.5% 7.4% 30.9% 23,825 5,400 5,074 578,571 (55,198) (69,828) (1,792) 451,753 154,112 193,175 578,571 166,391 242,020 14.9% 9.7% 36.8% 23,883 5,500 5,234 588,897 (57,027) (58,042) (1,598) 472,230 145,550 209,580 588,897 198,008 225,811 13.9% 8.6% 41.9% 24,477 5,500 5,342 600,135 (63,005) (56,005) (1,516) 479,609 145,575 208,272 600,135 205,472 191,911 17.8% 10.7% 42.8% 23,320 5,500 5,503 419,335 (46,753) (49,962) (1,524) 321,096 98,588 173,920 419,335 108,622 170,488 15.0% 9.9% 33.8% 23,354 5,500 3,948 406,957 (45,996) (41,646) (1,607) 317,708 99,466 157,447 406,957 96,218 175,913 13.3% 10.3% 30.3% 24,721 5,500 3,869 368,052 (48,717) (47,380) (1,555) 270,400 94,416 140,834 368,052 28,060 207,102 21.4% 15.4% 10.4% 27,641 5,400 3,751 341,648 (43,699) (52,678) (1,366) 243,905 81,403 120,579 341,648 29,573 175,231 13.3% 10.3% 12.1% 27,330 4,400 4,868 308,710 (46,900) (45,475) (1,017) 215,318 80,993 113,532 308,710 36,687 159,256 18.0% 13.0% 17.0% 27,120 3,900 4,166 283,443 (44,504) (40,481) (866) 197,592 88,278 89,201 283,443 43,242 137,582 15.5% 10.7% 21.9% 26,990 3,800 3,946 464,274 16,768 7,551 4,637 (4,910) 7,278 10,907 17,089 36.4% 0.27 0.27 0.150 261,275 (33,333) (40,198) (865) 186,879 87,793 75,501 261,275 44,076 121,841 6.1% 5.6% 24.4% 26,972 3,800 4,152 1 Per share amounts and number of shares reflect the two-for-one stock split in 1997. 2 Operating Income after tax is calculated as ((Operating income-(Operating income multiplied by the Effective tax rate)). Return on beginning shareholders’ equity is calculated as Net earnings divided by the prior year’s ending Shareholders’ equity. Average invested capital is calculated as (prior year Invested capital plus current year Invested capital) divided by 2. Return on invested capital is calculated as Operating income after-tax divided by the average invested capital. Long-term debt as a percent of invested capital is calculated as Long-term debt, including current installments divided by Total invested capital. 30 (Dollars in thousands, except per share amounts) OPER ATING DATA Net sales Operating income Earnings from continuing operations Earnings from discontinued operations Cumulative effect of accounting change Net earnings Depreciation and amortization Capital expenditures Effective tax rate PER SHARE DATA Earnings: Basic Diluted Cash dividends INVESTED CAPITAL Total assets Less: accounts payable Less: accrued expenses Less: dividends payable Total invested capital FINANCIAL POSITION Working capital Property, plant and equipment, net Total assets Long-term debt, including current installments Shareholders’ equity KEY FINANCIAL MEASURES 2 Return on beginning shareholders’ equity Return on invested capital Long-term debt as a percent of invested capital YEAR END DATA Shares outstanding (000) Approximate number of shareholders Number of employees $ 837,625 54,623 25,853 – (366) 25,487 34,597 17,679 36.3% $ $ $ $ 604,797 (63,256) (55,856) (1,921) $ 483,764 $ 169,568 190,103 604,797 149,662 265,494 10.5% 7.4% 30.9% 23,825 5,400 5,074 2003 2002 2001 2000 1999 19981 1997 1996 1995 1994 1993 854,898 70,289 34,129 – (500) 33,629 33,942 13,942 36.5% 872,380 65,021 26,693 – – 26,693 36,324 25,652 36.9% 846,129 67,256 30,400 – – 30,400 30,270 46,456 36.3% 639,869 50,176 26,367 – – 26,367 21,949 37,783 36.9% 630,858 47,752 27,636 – – 27,636 19,843 29,667 36.5% 622,506 61,990 37,544 – – 37,544 16,437 39,115 36.3% 644,531 36,644 21,248 – – 21,248 14,832 35,559 35.6% 544,642 41,831 24,759 – – 24,759 12,361 34,772 35.7% 501,740 31,679 18,887 – – 18,887 11,018 23,535 36.1% 1.07 1.05 0.315 1.38 1.37 0.290 1.10 1.09 0.260 1.31 1.28 0.260 1.09 1.08 0.260 1.04 1.02 0.250 1.36 1.33 0.220 0.78 0.76 0.190 0.92 0.90 0.150 0.70 0.69 0.150 578,571 (55,198) (69,828) (1,792) 451,753 154,112 193,175 578,571 166,391 242,020 14.9% 9.7% 36.8% 23,883 5,500 5,234 588,897 (57,027) (58,042) (1,598) 472,230 145,550 209,580 588,897 198,008 225,811 13.9% 8.6% 41.9% 24,477 5,500 5,342 600,135 (63,005) (56,005) (1,516) 479,609 145,575 208,272 600,135 205,472 191,911 17.8% 10.7% 42.8% 23,320 5,500 5,503 419,335 (46,753) (49,962) (1,524) 321,096 98,588 173,920 419,335 108,622 170,488 15.0% 9.9% 33.8% 23,354 5,500 3,948 406,957 (45,996) (41,646) (1,607) 317,708 99,466 157,447 406,957 96,218 175,913 13.3% 10.3% 30.3% 24,721 5,500 3,869 368,052 (48,717) (47,380) (1,555) 270,400 94,416 140,834 368,052 28,060 207,102 21.4% 15.4% 10.4% 27,641 5,400 3,751 341,648 (43,699) (52,678) (1,366) 243,905 81,403 120,579 341,648 29,573 175,231 13.3% 10.3% 12.1% 27,330 4,400 4,868 308,710 (46,900) (45,475) (1,017) 215,318 80,993 113,532 308,710 36,687 159,256 18.0% 13.0% 17.0% 27,120 3,900 4,166 283,443 (44,504) (40,481) (866) 197,592 88,278 89,201 283,443 43,242 137,582 15.5% 10.7% 21.9% 26,990 3,800 3,946 464,274 16,768 7,551 4,637 (4,910) 7,278 10,907 17,089 36.4% 0.27 0.27 0.150 261,275 (33,333) (40,198) (865) 186,879 87,793 75,501 261,275 44,076 121,841 6.1% 5.6% 24.4% 26,972 3,800 4,152 The selected consolidated financial data set forth in the above table have been derived from the Company’s consolidated financial statements. This data should be read in conjunction with, and are qualified by reference to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report form 10-K, and the Company’s audited consolidated financial statements, including the notes thereto, and the other financial information included elsewhere in the Annual Report form 10-K filed with the Securities and Exchange Commission. 31 These factors are: Total Value Impact (TVI) – a tool for estimating growth in shareholder value; return on invested capital – a yearly mea- sure of our returns on money invested; and long-term debt as a percent of Financially, we have invested capital – a measure of the financial risk we are taking. The goals selected three principal we have established for growth, return on invested capital and long-term factors that tell just how debt leverage are appropriate for the industries in which we participate, well we are managing yet challenging enough to demand the very best talents and performance the Company and the of our management teams. In 2001, we replaced our earnings-per-share money invested in it. growth goal with one to grow TVI, which we believe is a more meaningful measure of growth in shareholder value. Financial OBJECTIVES TOTAL VALUE IMPACT 1 RETURN ON INVESTED CAPITAL 2 LONG-TERM DEBT AS A PERCENT OF INVESTED CAPITAL 2 Objective GROW TVI FROM YEAR TO YEAR Objective ACHIEVE A MINIMUM 10% AFTER-TAX RETURN ON INVESTED CAPITAL Objective MAINTAIN LONG-TERM DEBT AS A PERCENT OF INVESTED CAPITAL AT LESS THAN 40% 1 TVI is calculated as Operating income after-tax minus the Average invested capital times 8.5% (see page 30). 2 See footnote on page 30. 32 There are three major components used to calculate TVI: after-tax operating profits, average-invested capital and the cost of capital. We subtract the cost of capital (average invested capital times the Company’s TVI works like a lens cost of capital) from after-tax operating profits, and this residual is TVI. to focus managers and If the results of an investment, project or division performance do not employees on the key contribute to TVI growth over time, we are not creating value for aspects of the business our shareholders. To motivate our managers to think and act with that directly impact shareholder interests in mind, business unit bonuses are directly long-term growth tied to increases in TVI. and profitability. Aligning management performance with shareholders’ goals TVI ��������� ��������� �������� �������� �������� �������� ���������� ������ ������ ��� ����������������������������������������������� ����������������������������������������������� ���������������������������������������� ���������������������������������������� ������������������������������������ ������������������������������������ �������������������������������� �������������������������������� 33 Segment Summary (Dollars in millions) NET SALES : Infrastructure businesses: Engineered Support Structures Coatings Total Infrastructure businesses Agricultural businesses: Irrigation Tubing 2003 2002 2001 CHANGE 2003 -2002 CHANGE 2002 -2001 $ 406.8 $ 436.7 $ 475.6 $ 91.1 $ 96.0 $ 99.2 $ 497.9 $ 532.7 $ 574.8 -6.8% -5.1% -6.5% -8.2% -3.2% -7.3% $ 280.0 $ 264.7 $ 238.6 5.8% 10.9% $ 44.8 $ 45.4 $ 42.4 -1.2% 7.1% Total Agricultural businesses $ 324.8 $ 310.1 $ 281.0 4.7% 10.4% Other Net Sales OPER ATING INCOME : Infrastructure businesses: $ 14.9 $ 12.1 $ 16.6 23.2% -27.5% $ 837.6 $ 854.9 $ 872.4 -2.0% -2.0% Engineered Support Structures $ 14.8 $ 31.2 $ 32.5 -52.5% -4.1% Coatings $ 5.4 $ 10.7 $ 9.4 -49.8% 14.0% Total Infrastructure businesses $ 20.2 $ 41.9 $ 41.9 -51.8% 0.0% Agricultural businesses: Irrigation Tubing $ 31.1 $ 24.0 $ 15.5 29.2% 55.6% $ 5.7 $ 6.5 $ 5.8 -11.7% 11.4% Total Agricultural businesses $ 36.8 $ 30.5 $ 21.3 20.5% 43.6% Other Operating Income $ (2.4) $ (2.1) $ 1.8 -10.2% -216.7% $ 54.6 $ 70.3 $ 65.0 -22.3% 8.1% SEGMENT SALES 34 Valmont Specialty Structures 3575 25th Street S.E. Salem, OR 97302 USA Tel 1-800-547-2151 Fax 1-503-363-4613 Valmont Specialty Structures 1545 Pidco Drive Plymouth, IN 46563 USA Tel 1-574-936-4221 Fax 1-574-936-6796 Valmont Poles 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-800-825-6668 Fax 1-402-343-6146 Canada Valmont Feralux 2250, Bombardier Sainte-Julie, Quebec Canada J3E 2L6 Tel 450-649-4114 Fax 450-649-4940 Global Contact Information CORPORATE One Valmont Plaza ENGINEERED SUPPORT STRUCTURES DIVISION Omaha, Nebraska 68154-5215 USA Division Headquarters Tel 1-402-963-1000 Fax 1-402-963-1198 www.valmont.com 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-402-359-2201 Fax 1-402-359-6221 Valmont Lexington 20805 Eaton Avenue Farmington, MN 55024 USA Tel 1-651-463-8990 Fax 1-651-463-3349 Valmont Indiana 57843 Charlotte Avenue Elkhart, IN 46517 USA Tel 1-219-295-6942 Fax 1-219-295-6998 Valmont Oklahoma 801 North Xanthus P. O. Box 2620 Tulsa, OK 74110 USA Tel 1-918-583-5881 Fax 1-918-585-1927 Valmont Texas 2551 Valmont Drive Brenham, TX 77833 USA Tel 1-979-836-9395 Fax 1-979-836-4415 Valmont Tennessee P.O. Box 985 1950 Industrial Boulevard Jasper, TN 37347 USA Tel 1-423-942-9888 Fax 1-423-942-9885 35 China Germany Poland Valmont Industries (China), Ltd. Valmont Mastbau GmbH Valmont Polska Sp. z o.o. 100 Rongchang Road Im Dörener Feld 3 UI: Terespolska 12 Songjiang Industry Development Zone D-33100 Paderborn, Germany PL-08-110 Siedlce, Poland 201611 Shanghai, China Tel +86-21-5760-9200 Fax +86-21-5760-9222 France Valmont Europe Tel +49-5251-500400 Fax +49-5251-5004045 Tel +48-25-644-78-85 Fax +48-25-644-82-94 Morocco Valmont Maroc SARL Spain Valmont Iberica Zone Industrielle Berrechid RP Nº7 Poligono Industrial Can Castell Parc Des Reflets-Paris Nord II 26.100 Berrechid, Morocco C/. Isaac Peral, nave nº16-J 08420 Canovellas (Barcelona) Spain Tel +93-846-30-72 Fax +93-846-58-13 United Kingdom Valmont U.K. Ltd. Dunston Road, Sheepbridge Chesterfield Derbys, S41 9QQ U.K. Tel +44-1246-453-529 Fax +44-1246-456-012 165 Avenue Du Bois De La Pie B.P. 42074 Roissy en France Tel +212-22-33-72-06 Fax +212-22-53-47-88 95 913 Roissy Charles De Gaulle Cedex Paris, France Tel +33-148-17-7180 Fax +33-148-17-7189 Valmont Sermeto Les Martoulets-B.P. 1 03110 Charmeil, France Tel +33-470-58-8686 Fax +33-470-58-8687 Valmont Tubalco Vallee de Couzon BP 184 Chateauneuf 42800 Rive-de-Gier, France Tel +33-477-83-0010 Fax +33-477-83-7425 Italy Valmont International LLC Italian Branch Via Monterosso al Mare Nº7 00168 Roma, Italy Tel +39-06-614-60-11 Fax +39-06-454-39-341 Mexico Valmont Formet Carretera a Laredo Km. 21 Apodaca, N.L. Mexico C.P. 66600 Tel +52-81-8319-7939 Fax +52-81-8319-0636 The Netherlands Valmont Nederland B.V. Den Engelsman 3 NL-6026 RB Maarheeze, The Netherlands Tel +31-495-599-959 Fax +31-495-591-781 36 George Industries Inc. 4116 Whiteside Street Siouxland Galvanizing P.O. Box 3807 Los Angeles, CA 90063 USA 2301 Bridgeport Drive Sioux City, IA 51102 USA Tel 1-712-252-4101 Fax 1-712-252-2792 Valmont Coatings West Point 1700 South Beemer Street West Point, NE 68788 USA Tel 1-402-372-3706 Fax 1-402-372-6908 Tel 1-888-436-7434 Fax 1-323-263-9342 Intermountain Galvanizing 1085 West 400 North Lindon, UT 84042 USA Tel 1-801-785-7200 Fax 1-801-785-7009 Oklahoma Galvanizing 25055 Alliance Drive Claremore, OK 74019 USA Tel 1-918-266-2800 Fax 1-918-266-0614 COATINGS DIVISION Valmont Coatings 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-800-825-6668 Fax 1-402-359-6070 Applied Coating Technology 2411 Pilot Knob Road Mendota Heights, MN 55120 USA Tel 1-651-454-7777 Fax 1-651-454-0043 Calwest Galvanizing 2226 East Dominguez Street Long Beach, CA 90810 USA Tel 1-310-549-2200 Fax 1-310-513-6741 Pacific States Galvanizing 9700 Southwest Herman Road Tualatin, OR 97062 USA Tel 1-503-692-8888 Fax 1-503-612-0592 Empire Galvanizing 10909 Franklin Avenue Franklin Park, IL 60131 USA Tel 1-847-455-0884 Fax 1-847-455-0889 37 IRRIGATION DIVISION Valmont Irrigation 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-800-825-6668 Fax 1-402-359-2045 Valmont Irrigation 75 South Highway 83 Middle East Valmont Middle East FZE Plot # MO0781 & 782, R/A/ #12 Street # 1245, JAFZA P.O. BOX 17937 Jebel Ali, Dubai, United Arab Emirates Tel +9714-88-39740 Fax +9714-88-39567 Mexico and Latin America TUBING DIVISION Valmont Tubing 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-800-825-6668 Fax 1-402-359-4481 Central Nebraska Tubing 14441 U.S. Highway 6 McCook, NE 69001 USA Valmont International Corporation P.O. Box 446 Waverly, NE 68462 USA Tel 1-402-786-5005 Fax 1-402-786-2719 OTHER Valmont SIE Les Rebrillons F-03300 Creuzier le Neuf, France Tel +33-470-58-4740 Fax: +33-470-58-0022 Valmont Wind Energy 7002 North 288th Street P.O. Box 358 Valley, NE 68064 USA Tel 1-402-359-2201, ext. 3037 Fax 1-402-359-6173 Tel 1-308-345-2223 Fax 1-308-345-2224 Australia-Pacific Valmont Australia P.O. Box 125 2105 Mannix Drive San Antonio, TX 78217 USA Tel +1-210-829-7971 Fax +1-210-824-3233 China Carole Park, Queensland, 4300, Australia Valmont Industries (China), Ltd. Tel +61-7-3879-3622 Fax +61-7-3879-3655 Mercosur Valmont Industria e Comercio LTDA Av. Francisco Podboy, 1600 CEP 38056-640 Uberaba/MG, Brazil Tel +55-34-3318-9000 Fax +55-34-3318-9001 South Africa Valley Irrigation of Southern Africa (Pty) Ltd. P.O. Box 1234 Nigel, 1490 Republic of South Africa Tel +27-11-814-7007 Fax +27-11-814-4533 Western Europe Valmont S.A. Ctra. de Mejorada Del Campo A Velilla de San Antonio Km. 0,64 28840 Mejorada del Campo Madrid, Spain Tel +34-91-679-4300 Fax +34-91-679-1677 Room 4-2-61, Bldg. 4 Jianwai DRC 1 Xiushui Street Beijing 100600, China Tel +86-10-8532-2607 Fax +86-10-8532-2610 38 CORPORATE AND STAFF OFFICERS ENGINEERED SUPPORT COATINGS DIVISION Mogens C. Bay Chairman and Chief Executive Officer Terry J. McClain Senior Vice President and Chief Financial Officer E. Robert Meaney Senior Vice President Ann F. Ashford Vice President Human Resources Steven G. Branscombe Vice President STRUCTURES DIVISION Mark R. Richards President Keith A. Huffman Vice President Operations Doug Kochenderfer Jeffrey Briggs President Richard S. Cornish Vice President Operations IRRIGATION DIVISION Thomas D. Spears Vice President and General Manager President Specialty Structures Richard M. Sampson Duane Bier Vice President Vice President and General Manager Operations Utility Products and Services Thomas F. Sanderson James L. Brown Vice President Information Technology Vice President and General Manager North American Sales Mark C. Jaksich Vice President International Thomas J. Sutko William G. Loughman III Vice President Corporate Controller Vice President and General Manager Parts and Service Walter P. Pasko Vice President Procurement P. Thomas Pogge Vice President General Counsel and Secretary Mark E. Treinen Vice President Business Development Commercial Lighting and Transportation Products and Services Philippe Guidez President Europe/Middle East/Africa Klavs Guldager General Manager China Terry Rahe President Cascade Earth Sciences TUBING DIVISION Leonard M. Adams Vice President and General Manager 39 Corporate and Stock Information CORPORATE HEADQUARTERS ANNUAL MEETING FORWARD-LOOKING STATEMENTS Valmont Industries, Inc. One Valmont Plaza The annual meeting of Valmont’s This report contains forward-looking shareholders will be held at 2:00 p.m. statements within the meaning of the Omaha, Nebraska 68154-5215 USA on Monday, April 26, 2004, at the Joslyn Private Securities Litigation Reform Act Tel 1-402-963-1000 Fax 1-402-963-1198 www.valmont.com Art Museum in Omaha, Nebraska USA. of 1995. These statements are based on SHAREHOLDER AND INVESTOR RELATIONS management’s current expectations and are subject to uncertainty and changes in circumstances. Future economic and INDEPENDENT PUBLIC ACCOUNTANTS Valmont’s common stock trades on market circumstances, industry condi- Deloitte & Touche LLP Omaha, Nebraska USA the New York Stock Exchange (NYSE) tions, Company performance and financial under the symbol VMI. results, operating efficiencies, availability and price of raw materials, availability LEGAL COUNSEL We make available, free of charge and market acceptance of new products, McGrath North Mullin & Kratz, PC LLO through our Internet Web site at product pricing, domestic and international Omaha, Nebraska USA www.valmont.com, our annual report competitive environments, actions and on Form 10-K, quarterly reports on policy changes of domestic and foreign STOCK TRANSFER AGENT Form 10-Q, current reports on Form 8-K, governments and other risks described AND REGISTRAR and amendments to those reports filed from time to time in the Company’s Address Shareholder Inquiries to: or furnished pursuant to Section 13(a) reports to the Securities and Exchange The Bank of New York or 15(d) of the Securities Exchange Act Commission are examples of factors, Shareholder Relations Department, 11 E of 1934, as soon as reasonably practicable among others, that could cause results P.O. Box 11258 Church Street Station after such material is electronically filed to differ materially from those described with or furnished to the Securities and in the forward-looking statements. The New York, NY 10285 USA Exchange Commission. Company cautions that any forward- 1-866-886-9962 looking statements included in this report We have also posted on our Web site are made as of the date of this report. Send Certificates for Transfer our (1) Corporate Governance Principles, and Address Changes to: The Bank of New York (2) charter for the Audit Committee, Compensation Committee, and Gover- Receive and Deliver Department nance and Nominating Committee of P.O. Box 11002 Church Street Station the Board, (3) Code of Business Conduct, and (4) Code of Ethics for Senior Officers New York, NY 10286 USA applicable to the Chief Executive Officer, Chief Financial Officer and Controller. Valmont shareholders may also obtain copies of these items at no charge by writing to: Jeffrey S. Laudin Investor Relations Department Valmont Industries, Inc. One Valmont Plaza Omaha, NE 68154 USA Tel 1-402-963-1000 Fax 1-402-963-1198 40 VALMONT INDUSTRIES, INC. ONE VALMONT PLAZA OMAHA, NEBRASKA 68154-5215 402.963.1000 WWW.VALMONT.COM 

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