Valmont Inc. bought the company in 2013, which was then owned by the DS Group and went under the name DS SM, but after nine years of American ownership, it is now the Danish group Euro Steel that is taking over the tower and component manufacturer, which for the past nine years has been called Valmont SM.
After the acquisition, the company, which employs approximately 450 employees in Aabenraa Municipality, will change its name to SM Industries A/S, Sønderjyske Maskinfabrik.
Euro Steel was founded in 1988 and supplies steel profiles to, among other things, the wind sector. Euro Steel also owns AH Industries in the wind sector, and a number of synergies are expected in connection with the acquisition of Valmont SM in efforts to achieve further growth within the wind industry, according to a press release.
- We believe that main components for wind turbines that are to be installed in Europe should also be produced in Europe. There are also requests from other industries that production be moved back to Europe and that in the future we should do what makes the most sense for the preservation of Danish jobs, says a statement from Euro Steel. It further states:
- In the period leading up to the final takeover, which will take place in the fourth quarter of 2022, we will, together with the current management, set the framework for the future of "The new SM Industries" Sønderjyske Maskinfabrik.
Director of Valmont SM, Niels Brix, is pleased that the company is back in Danish hands.
- With a Danish industrial owner, our position in the energy market will be strengthened and with Euro Steel we will be able to ensure our customers the best solutions in the industry. This is good news for both customers and employees.
With the divestment, Valmont Industries will focus more on other parts of the business.
- This transaction allows our management in the renewable energy division to focus solely on expanding our solar business area, where there is enormous global development potential and which better aligns with our strategy of delivering long-term value for our shareholders, says Stephen G. Kaniewski, CEO of Valmont Industries.
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