FORT WORTH, Texas, Jan. 20, 2012 /PRNewswire/ -- AZZ
incorporated (NYSE:AZZ), a manufacturer of electrical products and
a provider of galvanizing services, today announced that it has
entered into an agreement to acquire substantially all of the
assets of Galvan Metals, Inc. in Montreal, Canada. The acquisition, which is
subject to customary closing conditions, is anticipated to close on
January 31, 2012 and is a part of the
stated AZZ strategy to continue the geographic expansion of its
served markets that should provide a basis for continued growth of
the Galvanizing Services Segment of the Company. AZZ has
effectively doubled its network of plants in the past 5 years and
continues to seek out additional expansion opportunities.
"Not only does this acquisition represent an addition of another
successful operating plant, but opens up a strategic geographic
area that has the potential for additional growth and expansion.
Founded in 1966, Galvan's rich heritage of providing a superior
level of service and support to their customers complements our
existing strategy and 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 the acquisition will be accretive in
the first year of operation. We appreciate the opportunity to
continue the proud tradition of customer service that has been
sustained by the current ownership. Joseph Mancuso and John
Mancuso, Jr., the current senior operating team, have agreed
to join AZZ," stated David H.
Dingus, president and chief executive officer of AZZ
incorporated.
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.
Certain statements herein about our expectations of
future events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as, "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other
comparable terminology. Such forward-looking statements are based
on currently available competitive, financial and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. This release may
contain forward-looking statements that involve risks and
uncertainties including, but not limited to, changes in customer
demand and response to products and services offered by AZZ,
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 cost, including zinc and natural gas which are used in the
hot dip galvanizing process; changes in the economic conditions of
the various markets that AZZ serves, foreign and domestic, customer
request delays of shipments, acquisition opportunities, currency
exchange rates, adequacy of financing, and availability of
experienced management employees to implement AZZ's growth
strategy. AZZ has provided additional information regarding risks
associated with the business in AZZ's Annual Report on Form 10-K
for the fiscal year ended February 28,
2011 and other filings with the SEC, available for viewing
on AZZ's website at www.azz.com and on the SEC's website at
www.sec.gov. You are urged to consider these factors carefully in
evaluating the forward-looking statements herein and are cautioned
not to place undue reliance on such forward-looking statements,
which are qualified in their entirety by this cautionary statement.
These statements are based on information as of the
date hereof and AZZ assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Dana Perry, Senior Vice President
– Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame, Joe Diaz or Robert
Blum
Internet: www.lythampartners.com
SOURCE AZZ incorporated