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Valmont Industries history
Valmont Industries company history timeline
In 1954, Daugherty purchased the licensing rights to manufacture the center pivot from inventor Frank Zybach and embarked on a journey that would revolutionize agriculture—in North America and throughout the world.
Zybach licensed his patent to Robert Daugherty in 1954.
Recognizing that the equipment dealers were working hard and already selling customers on using computers, Valmont established ValCom Microcomputer as a division in 1982.
As irrigation equipment was closely tied to the highly volatile agricultural economy, the company was operating $1.9 million in the red by 1985.
In 1987 the United States Federal Highway Bill began a five-year, $70 million expenditure program, boosting Valmont's position.
William Welsh II, the company president reported in May 1988 that gains in sales and profit spanned every major business unit.
By 1988 Valcom had recovered and rose to rank fourth in the field of marketers of microcomputer hardware and software.
Daugherty told Investment News & Views that "the company enters into 1988 with the largest backlog in its history." Distressed farmers had been dumping used farm equipment on the market, and as the agricultural situation improved the demand grew for new irrigation systems.
Meanwhile, sensing the international opportunity in infrastructure, Valmont started to embark on global expansion by investing in the French steel and aluminum lighting markets in 1989.
A severe recession in the commercial construction industry and political problems in the Middle East factored into a poor financial performance for Valmont in 1991.
Also in 1991 Valmont's successful computerized pivot control panel was improved allowing the farm manager to operate the system from his office, implement irrigation scheduling, and log data such as water applications and chemicals applied.
According to the company's 1993 annual report, the new division was "responsible for developing business across business lines, identifying and capitalizing on opportunities wherever they may be, in whatever business."
In 1993 the company named Mogens C. Bay, a native of Denmark with impressive global operating experience, president and chief executive officer.
1994 brought earnings up 30 percent on revenue growth of 7.5 percent, with record sales in the metal-poles-structure business due to the rapid expansion of cellular telephone networks and infrastructure investments in North America and Europe.
1996 marked both the 50th anniversary of Valmont's beginnings and the retirement of its founder, Robert B. Daugherty, who remained on as a member of Valmont's board of directors.
By April 1997 Mogens C. Bay announced at a shareholders meeting that the board declared a two-for one stock split, reflecting a continuous improvement in performance and the Board's confidence in the future.
Daugherty retired from Valmont’s Board of Directors in 2004 after serving for 57 years, and continued to demonstrate his dedication to agriculture and water conservation well into his retirement.
In 2004, Valmont acquired Newmark International, a manufacturer of concrete utility poles.
In April 2010, his charitable foundation committed $50 million to the University of Nebraska to establish the Global Water for Food Institute.
Steve would go on to be named president and CEO of Valmont Industries in 2017.
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Valmont Industries competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Leggett & Platt | 1883 | $4.4B | 20,000 | 114 |
| Flowserve | 1997 | $4.6B | 17,000 | 218 |
| Steel Dynamics | 1993 | $17.5B | 9,625 | 411 |
| Parker Hannifin | 1917 | $19.9B | 57,170 | 810 |
| Carpenter Technology | 1889 | $2.8B | 4,600 | 147 |
| Dover | 1955 | $7.7B | 23,000 | 445 |
| Acuity Brands | 1892 | $3.8B | 11,500 | 73 |
| Rexnord | 1891 | $1.9B | 8,000 | - |
| Lennox International | 1895 | $5.3B | 11,550 | 675 |
| Nordson | 1935 | $2.7B | 7,555 | 175 |
Valmont Industries history FAQs
Zippia gives an in-depth look into the details of Valmont Industries, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Valmont Industries. The employee data is based on information from people who have self-reported their past or current employments at Valmont Industries. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Valmont Industries. The data presented on this page does not represent the view of Valmont Industries and its employees or that of Zippia.
Valmont Industries may also be known as or be related to VALMONT INDUSTRIES INC, Valmont, Valmont Industries, Valmont Industries Inc, Valmont Industries Inc. and Valmont Industries, Inc.