AZZ incorporated Acquires West Virginia and Virginia Galvanizing Facilities
August 03 2009 - 3:00AM
PR Newswire (US)
Acquisition will facilitate expansion of our strategic geographic
area and increases our total network of plants to 22 galvanizing
facilities in 13 states FORT WORTH, Texas, Aug. 3
/PRNewswire-FirstCall/ -- AZZ incorporated (NYSE:AZZ), a
manufacturer of electrical products and a provider of galvanizing
services, today announced the acquisition of substantially all of
the assets related to Pilot Galvanizing in Poca, West Virginia, and
Bristol Galvanizing in Bristol, Virginia. The acquisition is a part
of the stated AZZ strategy to continue the geographic expansion of
our served market that should provide a basis for continued growth
of the Galvanizing Services Segment of the Company. AZZ has
effectively doubled our network of plants in the last 3 years and
continues to seek out additional expansion opportunities. "Not only
does this acquisition represent two more operations for our network
of plants, but opens up another strategic geographic area that has
the potential for additional growth and expansion. Their rich
heritage of providing a superior level of service and support to
their customers complements our existing facilities. Certainly, the
pride and integrity with which it has been operated is consistent
with the philosophy and methodology that AZZ employs in our current
operations. We anticipate that it will be accretive in the first
year of operation, and should add in the range of $6 to $8 million
in annualized revenues. We appreciate the opportunity to continue
the proud tradition of customer service that has been sustained by
the current ownership. The senior operating management team has
agreed to join AZZ and will report to our regional offices in
Cincinnati, Ohio effective August 1, 2009," stated David H. Dingus,
president and chief executive officer of AZZ incorporated. Pilot
Galvanizing was originally founded in 1987 in Poca, West Virginia
and expanded into the Virginia market with the opening of the
Bristol facility in 2001. AZZ incorporated is a specialty
electrical equipment manufacturer serving the global markets of
power generation, transmission and distribution and industrial, as
well as, a leading provider of hot dip galvanizing services to the
steel fabrication market nationwide. Except for the statements of
historical fact, this release may contain forward-looking
statements that involve risks and uncertainties some of which are
detailed from time to time in documents filed by the Company with
the SEC. Those risks and uncertainties include, but are not limited
to: changes in customer demand and response to products and
services offered by the company, including demand by the electrical
power generation markets, electrical transmission and distribution
markets, the industrial markets, and the hot dip galvanizing
markets; prices and raw material costs, including zinc and natural
gas which are used in the hot dip galvanizing process; changes in
the economic conditions of the various markets the Company serves,
foreign and domestic, customer requested delays of shipments,
acquisition opportunities, currency exchange rates, adequacy of
financing, and availability of experienced management employees to
implement the Company's growth strategy. The Company can give no
assurance that such forward-looking statements will prove to be
correct. We undertake no obligation to affirm, publicly update or
revise any forward-looking statements, whether as a result of
information, future events or otherwise. DATASOURCE: AZZ
incorporated CONTACT: Dana Perry, Senior Vice President, Finance
and CFO of AZZ incorporated, +1-817-810-0095; or Joe Dorame, Joe
Diaz or Robert Blum, all of Lytham Partners, +1-602-889-9700
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