Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today announced that Avner Applbaum will join the Company as Executive Vice President and Chief Financial Officer, effective March 30, 2020. In this role, he will develop and implement financial strategy for the Company and have oversight of all financial activities, including accounting and controllership, financial planning and analysis, tax, treasury, audit, and investor relations, as well as the Company’s IT function. Mr. Applbaum succeeds Mark Jaksich, who previously announced his plans to retire and will remain with the Company until December 26, 2020 to ensure a smooth transition.
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Avner Applbaum (Photo: Business Wire)
"I am very pleased to welcome Avner to the Valmont executive leadership team," said Stephen G. Kaniewski, President and Chief Executive Officer. "He is a seasoned executive with deep financial and operational expertise in manufacturing, having served in several senior financial leadership roles in publicly-traded and private-equity backed companies over a 22-year career. Avner has a proven track record of enhancing shareholder value by leveraging lean and technological advancements, including developing and implementing lean management systems and forecasting models to provide consistent, accurate and reliable information. His combination of operational and global experience will drive continued financial improvements for Valmont and our stakeholders."
"I couldn’t be more excited to join Valmont, a global market leader with strong core values and tremendous global growth potential," said Mr. Applbaum. "I look forward to working with Steve and the talented executive management team, and leading the finance and IT teams to support Valmont’s strategic growth initiatives and create value for our stakeholders."
Kaniewski continued, "On behalf of the entire Valmont team, I would like to thank Mark for his 36 years of dedicated leadership with the Company, particularly these past 6 years as our CFO. His continued support during this transition is greatly appreciated."
Mr. Applbaum joins Valmont having most recently been the Chief Financial Officer and Chief Operating Officer for Double E Company, a private equity-backed equipment manufacturer. In addition to holding several CFO roles for private equity-backed companies, he also spent over 15 years in senior financial and operational roles in publicly traded manufacturing companies, including Ametek, Belden, and TE Connectivity, formerly Tyco Electronics. Earlier in his career, Mr. Applbaum worked for Ernst & Young. He received his Bachelor of Arts degree in Accounting / Economics from Bar Ilan University and is a Certified Public Accountant in Israel.
About Valmont Industries, Inc.
Valmont® is a global leader, designing and manufacturing engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improve farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service life of steel and other metal products. For more information, visit valmont.com.
Concerning Forward-Looking Statements
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.
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