DUE IN 2 HOURS ! SEE DESCRIPTION

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Exhibit 2

Exhibit 2
VALMONT INDUSTRIES, INC.
Consolidated Statement of Operations
($000)
	1988	1989	1990	1991	1992	1Q 93E	2Q 93E	3Q 93E	4Q 93E
Net Sales	427,818	430,721	446,536	429,718	424,685	106,909	113,000	97,000	108,000
Cost of Goods Sold	331,736	324,764	340,630	340,178	327,359	81,567	85,600	73,500	80,200
S G & A	72,462	74,153	80,525	80,560	76,336	19,624	20,000	18,500	20,000
Restructuring Charge	- 0	- 0	- 0	15,005	- 0	- 0	- 0	- 0	- 0
Operating profit	23,620	31,804	25,381	(6,025)	20,990	5,718	7,400	5,000	7,800
Interest Expense	6,490	5,602	8,636	7,813	6,847	1,558	1,100	1,000	1,000
Other Income (Loss)	4,746	2,080	1,313	275	618	100	229	300	300
Pretax profit	21,876	28,282	18,058	(13,563)	14,761	4,260	6,529	4,300	7,100
Taxes	6,679	11,235	6,279	(4,713)	5,134	1,459	2,479	1,122	2,240
Income before equity in affiliates	15,197	17,047	11,779	(8,850)	9,627	2,801	4,050	3,178	4,860
Equity in earnings of affiliates	107	3,611	3,770	840	3,585	687	300	- 0	- 0
Net Income	15,304	20,658	15,549	(8,010)	13,212	3,488	4,350	3,178	4,860
Earnings per share	$ 1.38	$ 1.78	$ 1.34	$ (0.69)	$ 1.14	$ 0.30	$ 0.37	$ 0.27	$ 0.41
Dividends per share	$ 0.17	$ 0.22	$ 0.26	$ 0.26	$ 0.26	$ 0.065	$ 0.065	$ 0.065	$ 0.065
Average shares outstanding	11,120	11,604	11,635	11,527	11,583	11,751	11,700	11,750	11,780
Common stock-market prices
High	$ 11.25	$ 20.00	$ 25.00	$ 18.50	$ 18.75
Low	$ 4.38	$ 11.00	$ 9.25	$ 9.50	$ 10.38
Note: Estimate does not include FASB 109 charge to earnings of $4.9 million ($0.42) per share in the first quarter of 1993 or an estimated $4 million gain
($0.37 per share) in second quarter 1993 from the sale of a subsidiary.
Source: Dain Bosworth Incorporated, Research Update, "Valmont Industries, Inc." (June 14, 1993); and Valmont Industries, Inc. 1992 Annual Report.

Exhibit 3

Exhibit 3
VALMONT INDUSTRIES, INC,
Consolidated Balance Sheets
(fiscal year-end December 31; $000)
Assets	1988	1989	1990	1991	1992
Current Assets:
Cash and cash equivalents	5,299	13,826	10,859	7,283	12,747
Receivables, net	60,578	67,491	79,803	65,968	65,630
Inventories	70,390	76,746	71,783	67,954	60,560
Other current assets	7,023	4,161	7,607	18,188	14,406
Total Current Assets	143,290	162,224	170,052	159,393	153,343
Other assets	24,190	29,080	33,571	39,302	44,135
Property, plant and equipment, net	51,600	70,286	79,610	82,164	75,740
Total Assets	219,081	261,590	283,233	280,859	273,218
	148,971	177,024	212,136	201,413	198,903
Liabilities
Current Liabilities:
Current long-term debt & notes payable	17,592	7,940	35,432	14,362	15,161
Accounts payable	35,180	50,436	29,615	34,086	32,326
Other accrued liabilities	34,930	34,130	41,482	45,360	41,989
Total Current Liabilities	87,702	92,506	106,529	93,808	89,476
Long-term debt	45,550	60,726	54,463	70,428	60,357
Deferred income taxes & other	6,726	9,421	10,852	15,542	12,067
	52,276	70,147	65,315	85,970	72,424
Shareholders' equity:
Common stock ($1 par) and paid-in capital	8,000	12,000	12,792	12,421	12,000
Retained earnings	75,856	85,918	98,951	87,997	98,224
Currency translation adjustment	548	1,065	1,972	2,029	1,439
	84,404	98,983	113,715	102,447	111,663
Less:
Cost of common shares in treasury	5,301	46	1,768	969	145
Unearned restricted stock	-	-	558	397	200
Total shareholders' equity	79,103	98,937	111,389	101,081	111,318
Total liabilities and shareholders' equity	219,081	261,590	283,233	280,859	273,218
Source: Valmont Industries, Inc. Annual Reports

Exhibit 5

		Exhibit 5
		VALMONT INDUSTRIES, INC.
		Summary by Business Segments
		$000
	1989	1990	1991	1992	1993E
Revenues
Industrial Products	273,411	306,082	301,677	297,907	295,100
Irrigation Products	158,167	140,653	128,210	126,965	129,909
Intersegment Sales	(857)	(199)	(169)	(187)	(100)
Total	430,721	446,536	429,718	424,685	424,909
Operating profit (loss)	1989	1990	1991	1992	1993E
Industrial Products	24,647	19,092	(4,305)	15,545	19,518
Irrigation Products	20,482	14,229	8,721	11,472	12,400
Corporate	(13,325)	(7,940)	(10,441)	(6,027)	(6,000)
Total	31,804	25,381	(6,025)	20,990	25,918
Net assets	1989	1990	1991	1992
Industrial Products	102,148	126,127	115,508	112,167
Irrigation Products	31,717	29,431	27,647	23,647
Corporate	43,159	56,578	58,258	63,089
Total	177,024	212,136	201,413	198,903
Sources: Valmont Industries Annual Reports and casewriter estimates.

Exhibit 6

Exhibit 6
VALMONT INDUSTRIES, INC.
Selected Financial Data on Lindsay Manufacturing Company
(fiscal year-end August 31; $000, except per-share data)
	1988	1989	1990	1991	1992
Net sales	76,120	92,630	102,710	98,660	108,930
Cost of goods sold	64,330	74,060	82,700	77,180	85,135
S G & A	7,000	8,240	9,630	10,480	10,935
Operating income	4,790	10,330	10,380	11,000	12,860
Interest expense	- 0	- 0	- 0	- 0	- 0
Other income (loss)	170	810	2,520	1,600	2,880
Pretax profit	4,960	11,140	12,900	12,600	15,740
Taxes	1,180	3,780	4,510	3,700	4,720
Net income	3,780	7,360	8,390	8,900	11,020
Earnings per share	$ 0.36	$ 0.69	$ 0.79	$ 0.85	$ 1.01
Average shares outstanding	10,480	10,700	10,570	10,460	10,870
	1988	1989	1990	1991	1992
Assets
Cash and equivalents	3,140	12,770	16,850	18,670	18,270
Receivables	6,210	6,540	8,500	7,330	8,210
Inventories	9,170	6,930	9,790	9,060	4,285
Other current assets	640	1,100	3,530	4,220	4,995
Current assets	19,160	27,340	38,670	39,280	35,760
Gross fixed assets	19,350	19,340	20,380	21,070	21,690
Accumulated depreciation	14,710	14,950	15,700	15,680	15,740
Net fixed assets	4,650	4,390	4,680	5,390	5,950
Long-term investments and other	160	- 0	3,590	15,750	29,650
Total assets	23,970	31,730	46,940	60,420	71,360
Liabilities and equity
Accounts payable	7,070	4,260	7,710	5,320	5,570
Short-term debt	960	- 0	- 0	- 0	- 0
Other accrued liabilities	7,410	10,900	14,480	21,560	20,610
Current liabilities	15,440	15,160	22,190	26,880	26,180
Long-term debt	- 0	- 0	- 0	- 0	- 0
Other long-term liabilities	530	580	710	740	750
Total liabilities	15,970	15,740	22,900	27,620	26,930
Shareholders' equity	8,000	15,990	24,040	32,800	44,430
Total Liabilities and Equity	23,970	31,730	46,940	60,420	71,360
Source: Bloomberg Financial Analysis

Exhibit 7

Exhibit 7
VALMONT INDUSTRIES, INC.
Analysis of Industrial Products Division
(in millions of dollars)
Revenues	1990	1991	1992	1993E
Industrial/construction	190.0	190.0	200.0	200.0
Valmont Electric	116.1	111.7	97.9	95.1
Total	306.1	301.7	297.9	295.1
Operating profit (loss)	1990	1991	1992	1993E
Industrial/construction	17.0	13.0	19.0	19.0
Valmont Electric	2.1	(6.0)	(3.5)	0.5
Restructuring	0.0	(11.3)	0.0	0.0
Total	19.1	(4.3)	15.5	19.5
Operating-profit margins	1990	1991	1992	1993E
Industrial/construction	8.9%	6.8%	9.5%	9.5%
Valmont Electric	1.8%	-5.4%	-3.6%	0.5%
Total	6.2%	-1.4%	5.2%	6.6%
Fluorescent-ballast indsutry
Estimated unit volume, in millions	1990	1991	1992	1993E
Magenetic ballasts	62.3	61.0	70.0	65.0
Electronic ballasts	5.5	10.0	13.0	25.0
Total	67.8	71.0	83.0	90.0

Exhibit 8

Exhibit 8
VALMONT INDUSTRIES, INC.
MagneTek Business-Segment Analysis
(fiscal year-end June 30; in millions of dollars)
Revenues	1991	1992	1993
Ballasts and transformers	521.3	654.6	828.5
Motors and controls	613.0	575.2	683.7
Total	1,134.3	1,229.8	1,512.2
Operating profit (loss)	1991	1992	1993
Ballasts and transformers	63.3	71.9	63.7
Motors and controls	52.3	33.9	39.7
Total	115.6	105.8	103.4
Operating-profit margins	1991	1992	1993
Ballasts and transformers	12.1%	11.0%	7.7%
Motors and controls	8.5%	5.9%	5.8%
Total	10.2%	8.6%	6.8%
Net assets	1991	1992	1993
Ballasts and transformers	234.8	396.8	470.3
Motors and controls	298.8	367.1	384.3
Total	533.7	763.9	854.6
Source: MagneTek Annual Report (June 30, 1993), and casewriter estimates.

Exhibit 9

Exhibit 9
VALMONT INDUSTRIES, INC.
Estimated Market-Share Data
Irrigation Systems		Wireless Communication Towers
Valmont	45%	Valmont	50%
Lindsay Manufacturing	30%	Others	50%
Others	25%
Domestic Lighting Poles		Domestic Utility Poles
Valmont	40%	Thomas & Betts	50%
Union Metal	25%	Valmont	25%
Others	30%	Others	25%
Magnetic Ballasts		Electronic Ballasts
Advance Transformer	45%	MagneTek	50%
MagneTek	40%	Advance Transformer	37%
Valmont	12%	Valmont	8%
Others	3%	Others	6%
Source: Lehman Brothers Report (August 19, 1993)

Exhibit 10

Exhibit 10
VALMONT INDUSTRIES, INC.
Comparisons of 1992 Financial Statements
	Long-Term			Net Fixed
	Debt/	Return on	Operating	Asset
	Total Capital	Assets	Margin	Turnover
Lindsay Manufacturing	0.0%	15.4%	11.8%	18.31
MagneTek	69.9%	2.7%	6.8%	6.35
Thomas & Betts	47.4%	8.1%	2.3%	3.55
Valmont Industries	32.2%	4.8%	4.9%	5.61
Source: Lehman Brothers Report (August 19, 1993), and Bloomberg Data Service.