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Valmont Industries Inc – ‘10-K’ for 12/26/98

As of: Wednesday, 3/24/99 · For: 12/26/98 · Accession #: 1047469-99-11029 · File #: 0-03701

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/24/99  Valmont Industries Inc            10-K       12/26/98    8:479K                                   Merrill Corp/New/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         14     57K 
 2: EX-3.(II)   Articles of Incorporation/Organization or By-Laws     16     58K 
 3: EX-4.(III)  Instrument Defining the Rights of Security Holders   117    371K 
 4: EX-13       Annual or Quarterly Report to Security Holders        53    238K 
 5: EX-21       Subsidiaries of the Registrant                         1      8K 
 6: EX-23       Consent of Experts or Counsel                          1      7K 
 7: EX-24       Power of Attorney                                      1      9K 
 8: EX-27       Financial Data Schedule (Pre-XBRL)                     2      8K

10-K — Annual Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Certain Relationships and Related Transactions Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Directors and Executive Officers of the Registrant Executive Compensation Exhibits, Financial Statement Schedules and Reports on Form 8-K Financial Statements and Supplementary Data Management's Discussion and Analysis of Financial Condition and Results of Operations Market for the Registrant's Common Stock and Related Stockholder Matters Pending Legal Proceedings Properties Security Ownership of Certain Beneficial Owners and Management Selected Financial Data Submission of Matters to A Vote of Security Holders
1	1st Page - Filing Submission
4	Item 2. Properties
5	Item 3. Pending Legal Proceedings
"	Item 4. Submission of Matters to A Vote of Security Holders
7	Item 5. Market for the Registrant's Common Stock and Related Stockholder Matters
"	Item 6. Selected Financial Data
"	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 8. Financial Statements and Supplementary Data
"	Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
8	Item 10. Directors and Executive Officers of the Registrant
"	Item 11. Executive Compensation
"	Item 12. Security Ownership of Certain Beneficial Owners and Management
"	Item 13. Certain Relationships and Related Transactions
"	Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

10-K 1st Page of 14 TOC ↑Top Previous Next ↓Bottom Just 1st
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 Form 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]

 For the Fiscal Year Ended December 26, 1998
Commission File No. 0-3701
Valmont Industries, Inc.
------------------------
(Exact Name of Registrant as Specified in its Charter)

Delaware                                  47-0351813        
---------------------------------        -------------------------------        
(State or Other Jurisdiction           (I.R.S. Employer Identification      
of Incorporation or Organization)                    Number)                    

Valley, Nebraska                                          68064     
----------------                                        ----------  
(Address of Principal Executive Offices)                      (Zip Code)        

Registrant's Phone Number, Including Area Code:  (402) 359-2201                 

 Securities Registered Pursuant to Section 12(g) of the Act:
 Valmont Industries, Inc. Common Stock
 -------------------------------------
$1.00 Par Value - Traded NASDAQ Stock Market (Symbol VALM)
----------------------------------------------------------
(Title of Class)
----------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934      
during the preceding twelve months (or for such shorter period that the         
Registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past ninety days. Yes   X   No                      
                                  -----    -----

At March 5, 1999 there were outstanding 24,528,973 common shares of the Company.
The aggregate market value of the voting stock held by non-affiliates of the    
Company on March 5, 1999 was $198,421,000.                                      

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405  
of Regulation S-K is not contained herein, and will not be contained, to the    
best of registrant's knowledge, in definitive proxy or information statements   
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. / /                                                                  

 DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company's annual report to shareholders for the fiscal year     
ended December 26, 1998 (the "Annual Report") are incorporated by reference in  
Parts I and II, and portions of the Company's proxy statement for its annual    
meeting of shareholders to be held on April 26, 1999 (the "Proxy Statement") are
incorporated by reference in Part III.                                          

                                                                Page 1 of  203
                                                                           -----
                                                    Index to Exhibits, Page 13
                                                                            ----

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PART I
Item 1.  BUSINESS.                                                              

(a) General Description of Business                                   
Valmont Industries, Inc., a Delaware Corporation, (together with its  
subsidiaries the "Company") is engaged in infrastructure and irrigation         
businesses. The Infrastructure segment involves the manufacture and distribution
of engineered metal structures for the lighting, utility and wireless           
communication industries. The Irrigation segment involves the manufacture and   
distribution of agricultural irrigation equipment and related products and      
services. The description of Valmont's businesses set forth on pages 6 through  
21 of the Company's Annual Report is incorporated herein by reference.          
  The Company entered the Irrigation market in 1953 from its manufacturing
location in Valley, Nebraska. The Infrastructure segment began producing and    
marketing engineered metal structures in the early 1960's.                      
    Valmont has grown internally and by acquisition. Valmont has also divested
certain businesses. Valmont's business expansions during the past five years    
include (i) the acquisition of Microflect Company, Inc. in 1995, a manufacturer 
and installer of microwave communication structures, (ii) the 1996 acquisitions 
of TelecCentre, S.A., a French manufacturer of communication towers, and of     
Valmont Mastbau, KG, a German manufacturer and distributor of pole structures   
for the lighting market, (iii) completion of the construction in 1997 of a new  
galvanizing plant in West Point, Nebraska, (iv) the acquisition in 1997 of a 70%
interest in Valmont Services Irrigacao, Ltd., a Brazilian manufacturer of       
mechanized irrigation equipment, (v) the acquisition of two galvanizing         
facilities in Tualatin, Oregon and in Lindon, Utah in January of 1998, (vi) the 
expansion of facilities in Siedlce, Poland during 1997 and (vii) the acquisition
of two additional galvanizing facilities in California and Oklahoma and the     
purchase of Cascade Earth Sciences, Ltd., a firm providing consulting services  
for environmental and wastewater management projects during 1998. Divestitures  
during the past five years include the January 1997 cash sale of the stock of   
Valmont Electric, Inc., a lighting ballast manufacturing business.              

(b) Operating Segments                                                

The Company's business activities are currently classified into the   
following operating segments:                                                   

    Infrastructure - This segment consists of the manufacture and distribution
of engineered metal structures and related products for the lighting, 
utility and wireless communications industries.                       

Irrigation - This segment includes the manufacture and distribution of
agricultural irrigation equipment and related products and services.  

     In addition to these two reportable segments, the Company has several other
businesses that do not fit within the reportable segments listed above, and are 
not individually more than 10% of combined net sales. These businesses include  
custom coatings, steel tubing, pressure vessels, machine tool accessories and   
industrial fasteners.                                                           
    The amounts of revenues, operating income and total assets attributable to
each segment for each of the last three years are set forth on page 45 of the   
Annual Report and incorporated herein by reference.                             

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(c) Narrative Description of Business                                 

PRINCIPAL PRODUCTS PRODUCED AND SERVICES RENDERED.                    
     The information called for by this item is hereby incorporated by reference
to pages 11 through 21 in the Company's Annual Report.                          

SUPPLIERS AND AVAILABILITY OF RAW MATERIALS.                          
   Hot rolled steel coil and other carbon steel products are the primary raw
materials utilized in the manufacture of finished products for the Industrial   
Products and Irrigation Products segments. These essential items are purchased  
from steel mills and steel service centers and are readily available. It is not 
likely that key raw materials would be unavailable for extended periods.        

PATENTS, LICENSES, FRANCHISES AND CONCESSIONS.                        
 Valmont has a number of patents for its irrigation designs. The Company
also has a number of registered trademarks. Management believes the loss of any 
individual patent would not have a material adverse effect on the financial     
condition of the Company.                                                       

SEASONAL FACTORS IN BUSINESS.                                         
  Sales in the Company's irrigation segment can be somewhat seasonal based
upon the agricultural growing season.                                           

CUSTOMERS.                                                            
 The Company is not dependent for a material part of its business upon a
single customer, or upon very few customers, the loss of any one of which would 
have a material adverse effect on the financial condition of the Company.       

BACKLOG.                                                              
    The backlog of orders for the principal products manufactured and marketed
was approximately $106.3 million at the end of the 1998 fiscal year and $125.6  
million at the close of 1997. It is anticipated that most of the backlog of     
orders will be filled during fiscal year 1999. At year end, the backlog by      
segment was as follows (dollar amounts in millions):                            

                                                                [Download Table]

                 Dec. 26,   Dec. 27,
                   1998        1997 
                ---------  ---------
                                    

Infrastructure  $   70.3       86.2 
Irrigation          21.1       30.7 
Other               14.9        8.7 
                  ------      ----- 
                $  106.3      125.6 
                  ------      ----- 
                  ------      ----- 

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COMPETITIVE CONDITIONS.                                               
     In the Infrastructure segment, Valmont is a major manufacturer and supplier
of engineered metal structures to the lighting and traffic, utility and wireless
communication industries. The Irrigation segment involves the development,      
manufacture and distribution of mechanized irrigation equipment and related     
products for both the U.S. and international markets. The Company believes it is
the world's leading manufacturer of mechanized irrigation systems. The Company  
delivers a broad line of custom engineered tubular steel products and           
manufactures and distributes fasteners. In addition, the Company supplies custom
coating services. The key competitive strategy used by the Company in each      
segment is one of high quality and service.                                     

RESEARCH ACTIVITIES.                                                  
     The information called for by this item is hereby incorporated by reference
to the "Research and Development" on page 43 in the Company's Annual Report.    

ENVIRONMENTAL DISCLOSURE.                                             
The Company is subject to various federal, state and local laws and   
regulations pertaining to environmental protection and the discharge of         
materials into the environment. Although the Company continues to incur expenses
and to make capital expenditures related to environmental protection, it does   
not anticipate that future expenditures will materially impact the financial    
condition of the Company.                                                       

NUMBER OF EMPLOYEES.                                                  
At December 26, 1998, the number of employees was 3,869.              

GEOGRAHPIC AREAS.                                                     
 Valmont's international sales activity encompasses approximately ninety
foreign countries. The information called for by this item is hereby            
incorporated by reference to "Summary by Geographical Area" on page 45 in the   
Annual Report.                                                                  

Item 2.  PROPERTIES.                                                            

     The Company's primary plant and offices are located on a 352 acre site near
Valley, Nebraska, which is approximately twenty miles west of Omaha, Nebraska.  
336 of the acres are owned in fee. The other 16 acres are leased on a yearly    
basis from the Union Pacific Railroad Company, which serves the Company's       
primary plant, and which is entitled to terminate the lease on a one-year notice
in the event that the land is required for railroad operations. The Valley,     
Nebraska location is used in common as the primary facilities by Irrigation     
segment and certain Infrastructure segment administrative and operating         
personnel. The Infrastructure segment's other significant properties are        
administrative, manufacturing and distribution facilities at Elkhart, Indiana,  
Tulsa, Oklahoma and Brehnam, Texas. The Oklahoma facility has 350,000 square    
feet under roof on 24 acres of land whereas the Texas facility is located on 109
acres and has eight buildings, with 318,000 square feet under                   

4 

10-K 5th Page of 14 TOC 1st Previous Next ↓Bottom Just 5th
roof. Additionally the infrastructure segment leases office and plant facilities
in Salem, Oregon under long-term leases. Overseas the Infrastructure segment has
four locations in France, and one plant in each of the following countries: the 
Netherlands; Germany; Poland; and China. The Irrigation segment in addition to  
its operations at Valley, Nebraska, operates a mechanized irrigation facility in
Uberaba, Brazil consisting of 135,000 square feet and a manufacturing facility  
for irrigation systems in Madrid, Spain. Currently under construction is a      
310,000 square feet manufacturing facility in McCook, Nebraska, that will       
produce mechanized irrigation system components. The protective coatings        
division operates a 50,000 square foot facility in West Point, Nebraska and     
rents galvanizing facilities in Tualatin, Oregon, and Lindon, Utah; these two   
sites are 68,000 square feet and 36,000 square feet, respectively. During 1998  
two additional coating plants were acquired that are located in Long Beach,     
California and Tulsa, Oklahoma. The Company operates other facilities as set    
forth on page 8 of the Company's Annual Report, which information is            
incorporated herein by reference.                                               

Item 3.  PENDING LEGAL PROCEEDINGS.                                             

  The Company is involved in a limited number of legal actions. Management
believes that the ultimate resolution of all pending litigation will not have a 
material adverse effect on the Company's financial condition.                   

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.                   

     There were not any matters submitted for stockholder vote during the fourth
quarter of 1998.                                                                

EXECUTIVE OFFICERS OF THE COMPANY                                               

 The executive officers of the Company at December 26, 1998, their ages,
positions held, and the business experience of each during the past five years  
are, as follows:                                                                

    Mogens C. Bay, Age 50, Chairman and Chief Executive Officer of the Company
  since January 1997. President and Chief Executive Officer of the Company
     from August 1993 to December 1996 and Director of the Company since October
1993.                                                                 

     Vincent T. Corso, Age 51, Senior Vice President, Chief Operating Officer of
  the Company since September of 1998. Group President and Chief Operating
   Officer-Irrigation & Coatings Group from December 1996 until September of
1998. Vice President - Operations from June 1994 until December 1996. 
Previously served as Vice President - Corporate Manufacturing, Emerson
Electric from 1992 to June 1994.                                      

Thomas P. Egan, Jr., Age 50, Vice President, Corporate Counsel and    
Secretary of the Company since 1984.                                  

Terry J. McClain, Age 51, Senior Vice President and Chief Financial   
Officer. Previously Vice President and Chief Financial Officer of the 
Company from January 1994 until December 1996.                        

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 E. Robert Meaney, Age 51, Senior Vice President - Valmont International
since September 1998. President and Chief Operating Officer - Valmont 
International from February 1994 to September 1998.                   

    Brian C. Stanley, Age 56, Vice President - Controller of the Company since
January 1994.                                                         

     Mark E. Treinen Age 43, Vice President - Business Development since January
1994.                                                                 

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 PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER       
MATTERS.                                                      

Item 6.  SELECTED FINANCIAL DATA.                                               

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND        
RESULTS OF OPERATIONS.                                        

  The information called for by items 5, 6 and 7 is hereby incorporated by
reference to the following captioned paragraphs (at the pages indicated) in the 
Company's Annual Report:                                                        

                                                                [Download Table]

                                                                Page(s) In
                                                                  Annual  
Item   Caption in Annual Report                                   Report  
----   ------------------------                                 ----------
                                                                          

  5    Stock Trading                                                48    
  5    Stock Market Price and Dividends Declared                    46    
  5    Approximate Number of Shareholders                         34 - 35 
  5&6  Selected Eleven Year Financial Data                        34 - 35 
  7    Management's Discussion and Analysis                       29 - 33 

7A   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK         

   The information called for by item 7A is hereby incorporated by reference
to the captioned paragraph, Risk Management, in the Company's Annual Report on  
Page 32.                                                                        

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                           

     The financial statements called for by this item are hereby incorporated by
reference to the Company's Annual Report as set forth on pages 36 through 45,   
together with the independent auditors' report on page 47. The supplemental     
quarterly financial information is incorporated herein by reference to page 46  
of the Company's Annual Report                                                  

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND        
FINANCIAL DISCLOSURE.                                         

None.                                                         

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PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.                    

Item 11. EXECUTIVE COMPENSATION.                                                

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.        

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.                        

Except for the information relating to the executive officers of the  
Company set forth in Part I of this 10-K Report, the information called for by  
items 10, 11, 12 and 13 is hereby incorporated by reference to the sections     
entitled "Certain Shareholders", "Election of Directors", "Summary Compensation 
Table", "Stock Option Grants in Fiscal Year 1998", "Options Exercised in Fiscal 
Year 1998 and Fiscal Year End Values", "Long-Term Incentive Plans", and "Section
16(a) Beneficial Ownership Reporting Compliance" in the Company's Proxy         
Statement.                                                                      

 PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.       

(a)(1)(2)     FINANCIAL STATEMENTS.  See index to financial statement schedules 
on page F-1.                                        

(a)(3)        EXHIBITS.  See exhibit index, incorporated herein by reference.   

(b)           REPORTS ON FORM 8-K.  The Company filed no reports on Form 8-K    
during the past fiscal quarter.                     

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 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

Index to Consolidated Financial Statements and Consolidated Financial Statement 
Schedules                                                                       

Consolidated Financial Statements                                               

     The following consolidated financial statements of Valmont Industries, Inc.
and subsidiaries have been incorporated by reference to pages 36 to 45 of the   
Company's Annual Report to Shareholders for the year ended December 26, 1998:   

 Independent Auditors' Reports - Page 47 of the annual report.

         Consolidated Balance Sheets - December 26, 1998 and December 27, 1997

   Consolidated Statements of Operations - Three-Year Period Ended
December 26, 1998                                           

       Consolidated Statements of Shareholders' Equity - Three-Year Period
Ended December 26, 1998                                     

   Consolidated Statements of Cash Flows - Three-Year Period Ended
December 26, 1998                                           

         Notes to Consolidated Financial Statements - Three- Year Period Ended
December 26, 1998                                           

                                                                [Download Table]

                                                                    Page
                                                                    ----
                                                                        

Consolidated Financial  Statement Schedule                              
   Supporting Consolidated Financial Statement                          

      SCHEDULE  II  -  Valuation and Qualifying Accounts            F-4 

All other schedules have been omitted as the required information is  
inapplicable or the information is included in the consolidated financial       
statements or related notes.                                                    

   Separate financial statements of the Registrant have been omitted because
the Registrant meets the requirements which permit omission.                    

 F-1

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INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENT SCHEDULE

To the Board of Directors and Shareholders of Valmont Industries, Inc.          

We have audited the consolidated financial statements of Valmont Industries,    
Inc. and Subsidiaries (the Company) as of December 26, 1998 and December 27,    
1997, and for each of the three years in the period ended December 26,1998, and 
have issued our report thereon dated February 5, 1999; such financial statements
and report are included in your 1998 Annual Report to Shareholders and are      
incorporated herein by reference. Our audits also included the financial        
statement schedule of the Company listed in Item 14 of this Form 10-K. This     
financial statement schedule is the responsibility of the Company's management. 
Our responsibility is to express an opinion based on our audits. In our opinion,
such financial statement schedule, when considered in relation to the basic     
consolidated financial statements taken as a whole, presents fairly in all      
material respects the information set forth therein.                            

DELOITTE & TOUCHE LLP                                                           

Omaha, Nebraska                                                                 
February 5, 1999                                                                

F-2       

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                                                                   Schedule II

 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES
 Valuation and Qualifying Accounts
(Dollars in thousands)

                                                        [Enlarge/Download Table]

                                          Balance at  Charged to  Deductions  Balance at
                                          beginning   profit and    from        close   
                                          of period      loss      reserves*  of period 
                                          ---------   ----------  ----------  --------- 
                                                                                        

Fifty-two weeks ended December 26, 1998                                                 
 Reserve deducted in balance sheet from                                                 
     the asset to which it applies -                                                    
       Allowance for doubtful receivables  $ 2,132     1,522           233      3,421   
                                           -------     -----         -----      -----   
                                           -------     -----         -----      -----   

Fifty-three weeks ended December 27, 1997                                               
 Reserve deducted in balance sheet from                                                 
     the asset to which it applies -                                                    
       Allowance for doubtful receivables  $ 2,299      194            361      2,132   
                                           -------     -----         -----      -----   
                                           -------     -----         -----      -----   

Fifty-two weeks ended December 28, 1996                                                 
 Reserve deducted in balance sheet from                                                 
     the asset to which it applies -                                                    
       Allowance for doubtful receivables  $ 2,941      796          1,438      2,299   
                                           -------     -----         -----      -----   
                                           -------     -----         -----      -----   

*The deductions from reserves are net of recoveries.                            

               F-4

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SIGNATURES

    The Registrant. Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to  
be signed on its behalf by the undersigned, thereunto duly authorized, in the   
City of Omaha, State of Nebraska, on the 24th day of March,1999.                

              Valmont Industries, Inc.

          By: /S/Mogens C. Bay
                                ----------------------------------
               Mogens C. Bay
                         Chief Executive Officer

   Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of Valmont      
Industries, Inc. and in the capacities indicated on the dates indicated.        

/S/ Mogens C. Bay                                               3/24/99         
--------------------------          Director, President and   -----------       
Mogens C. Bay                   Chief Executive Officer       Date      
            (Principal Executive
Officer)
/S/ Terry J. McClain                                            3/24/99         
--------------------------          Vice President and        -----------       
Terry J. McClain                Chief Financial Officer       Date      
            (Principal Financial
Officer)
/S/ Brian C. Stanley                                            3/24/99         
--------------------------          Vice President - Investor  ----------       
Brian C. Stanley                Relations & Controller        Date      
             (Principal Accounting
Officer)

Robert B. Daugherty*                               John E. Jones *              
Charles M. Harper*                                 Thomas F. Madison*           
Allen F. Jacobson*                                 Walter Scott, Jr.*           
Lloyd P. Johnson *                                 Kenneth E. Stinson*          
Robert G. Wallace *                                Charles D. Pebbler, Jr.*     
                                  Bruce Rhode*

*Mogens C. Bay, by signing his name hereto, signs the Annual Report on behalf of
each of the directors indicated on this 24th day of March, 1999. A Power of     
Attorney authorizing Mogens C. Bay to sign the Annual Report of Form 10-K on    
behalf of each of the indicated directors of Valmont Industries, Inc. has been  
filed herein as Exhibit 24.                                                     

By  /S/ Mogens C. Bay       
   -------------------------
 Mogens C. Bay
Attorney-in-Fact

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 INDEX TO EXHIBITS

This Exhibit Index relates to exhibits filed as a part of this Report.
Numbers are assigned to exhibits in accordance with Item 601 of Regulation S-K. 
Page numbers relate to the pages in the sequential numbering system where the   
exhibits can be found (for those exhibits which are not incorporated by         
reference).                                                                     

Exhibit 3(i)   - The Company's Certificate of Incorporation, as amended.        
                This document was filed with the Company's Quarterly Report on
       Form 10-Q for the quarter ended March 28, 1998 and is
incorporated herein by reference.             

Exhibit 3(ii)  - The Company's By-Laws, as amended.                    Page  15 

Exhibit 4(i)   - Rights Agreement dated as of December 19, 1995 between         
               the Company and First National Bank of Omaha as Rights Agent.
              This document was filed with the Company's Current Report on
                Form 8-K dated December 19, 1995 and is incorporated herein by
reference.                                    

Exhibit 4(ii)  - Certificate of Adjustment dated May 30, 1997 to Rights         
            Agreement dated as of December 19, 1995. This document was
                filed as Exhibit 4(b) with the Company's Annual Report on Form
     10-K for fiscal year ended December 27, 1997 and is
incorporated herein by reference.             

Exhibit 4(iii) - The Company's Credit Agreement with The Bank of New            
                York dated October 7, 1997 as amended.                 Page 31

Exhibit 10(i)  - The Company's 1988 Stock Plan and certain amendments.          
             This document was filed as Exhibit 10(a) with the Company's
               Annual Report on Form 10-K for fiscal year ended December 27,
1997 and is incorporated herein by reference. 

Exhibit 10(ii) - The Company's 1996 Stock Plan. This document was filed         
              as Exhibit 10(e) to the Company's Annual Report on Form 10-K
                 for the fiscal year ended December 30, 1995 and is incorporated
herein by reference.                          

Exhibit 10(iii) - The Valmont Executive Incentive Plan. This document           
              was Filed as Exhibit 10(c) to the Company's Annual Report on
              Form 10-K for the fiscal year ended December 30, 1995 and is
incorporated herein by reference.             

Exhibit 10(iv) - The Amended Unfunded Deferred Compensation Plan for            
                Nonemployee Directors. This document was filed as Exhibit 10.1
                to the Company's Quarterly Report on Form 10-Q for the quarter
        ended September 28, 1998 and is incorporated herein by
reference.                                    

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Exhibit 13 -  The Company's Annual Report to Shareholders                       
             for its fiscal year ended December 26, 1998..............Page 148

Exhibit 21 -  Subsidiaries of the Company..............................Page 201 

Exhibit 23 -  Consent of Deloitte and Touche LLP.......................Page 202 

Exhibit 24 -  Power of Attorney........................................Page 203 

Exhibit 27 -  Financial Data Schedule..................................Page 204 

Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with
respect to Valmont Industries' long-term debt are not filed with this Form 10-K.
Valmont will furnish a copy of such long-term debt agreements to the Securities 
and Exchange Commission upon request.                                           

     Management contracts and compensatory plans are set forth as exhibits 10(i)
through 10(iv).                                                                 

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-K’ Filing	Date	First	Last	Other Filings

	4/26/99	1		DEF 14A
Filed on:	3/24/99			DEF 14A
	3/5/99	1
	2/5/99	10
For Period End:	12/26/98	1	14
	9/28/98	13
	3/28/98	13		10-Q
	12/27/97	9	13	10-K, DEF 14A, PRE 14A
	10/7/97	13
	5/30/97	13
	12/28/96	11		10-K, DEF 14A
	12/30/95	13		10-K, DEF 14A, PRE 14A
	12/19/95	13		8-K
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Filing Submission 0001047469-99-011029 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Valmont Industries Inc – ‘10-K’ for 12/26/98

As of: Wednesday, 3/24/99 · For: 12/26/98 · Accession #: 1047469-99-11029 · File #: 0-03701

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Annual Report — Form 10-KFiling Table of Contents

10-K — Annual ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report — Form 10-K
Filing Table of Contents

10-K — Annual Report
Document Table of Contents