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Initiation of Research Coverage: Valmont Industries, Inc.

CHICAGO, July 2, 2010 - William Blair & Company initiated research coverage of Valmont Industries, Inc. (VMI $73.04), a leading supplier of electric utility support structures, lighting structures, and mechanized irrigation equipment, with an Outperform rating and Core Growth company profile.

Analyst Brian Drab estimated that the company would earn $4.97 per share in 2010 and $5.55 per share in 2011.

Drab said, “Valmont plays a critical role in global infrastructure development as a leading supplier of 1) electric utility support structures; 2) support structures for lighting, traffic, and communications applications; and 3) mechanized irrigation equipment. We estimate the collective size of these global markets is more than $10 billion. The support structure markets offer compelling growth prospects over the near and long term, driven by upgrade and expansion of infrastructure in developed nations and expected rapid buildout of infrastructure in developing nations. In the irrigation industry, we believe Valmont’s systems will continue to play a key role in alleviating global water scarcity.”

He added: “Based on exposure to favorable long-term secular trends, our expectations for solid earnings growth, management’s history of consistent execution, and an attractive valuation, we are initiating coverage with an Outperform rating.”

William Blair & Company, L.L.C. is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company is based in Chicago, with office locations including Boston, London, New York, San Francisco, Shanghai, Tokyo, and Zurich. For more information, please visit www.williamblair.com.

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Current Ratings Distribution (as of 6/30/10)

Coverage Universe
Outperform (Buy): 65%
Market Perform (Hold): 34%
Underperform (Sell): 1%

Inv. Banking Relationships*
Outperform (Buy): 7%
Market Perform (Hold): 2%
Underperform (Sell): 0%

* Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensation for investment banking services within the past 12 months.

Stock Rating: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market over the next 12 months. The assessment of expected performance is a function of near-term company fundamentals, industry outlook, confidence in earnings estimates, valuation, and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; Not Rated (NR) – the stock is currently not rated.

Company Profile: The William Blair research philosophy is focused on quality growth companies. Growth companies by their nature tend to be more volatile than the overall stock market. Company profile is a fundamental assessment, over a longer-term horizon, of the business risk of the company relative to the broader William Blair universe. Factors assessed include: 1) durability and strength of franchise (management strength and track record, market leadership, distinctive capabilities); 2) financial profile (earnings growth rate/consistency, cash flow generation, return on investment, balance sheet, accounting); 3) other factors such as sector or industry conditions, economic environment, confidence in long-term growth prospects, etc. Established Growth (E) – Fundamental risk is lower relative to the broader William Blair universe; Core Growth (C) – Fundamental risk is approximately in line with the broader William Blair universe; Aggressive Growth (A) – Fundamental risk is higher relative to the broader William Blair universe.

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