Valmont said the acquisition strengthens its value proposition to customers in the Australian ag market.

The company reported diluted earnings per share up $4.21 year-over-year, which Valmont said was a record.

Applbaum succeeds Stephen G. Kaniewski, CEO since Dec. 31, 2017, who is stepping down to pursue other opportunities.

The transaction will be funded with cash on hand and is expected to be immediately accretive to earnings, with Year 1 revenue of approximately U.S. $45 million.

Valmont reported ag sales of $332.2 million, up 8.3% year-over-year, with sales growth led by higher average selling prices of irrigation equipment globally.