FORT WORTH, Texas, April 1, 2013 /PRNewswire/ -- AZZ incorporated
(NYSE: AZZ), a manufacturer of electrical products and a provider
of galvanizing services, today announced that it has it has
successfully completed the acquisition of Aquilex Specialty Repair
and Overhaul LLC ("Aquilex SRO"), a global leader in maintenance,
repair and revitalization services to the nuclear and fossil fuel
power generation markets, as well as the refining and industrial
markets. The acquisition is a part of the stated AZZ strategy
to expand our offerings in the Electrical and Industrial Products
Segment and to enhance our market presence in our primary served
markets. Aquilex SRO's proprietary processes and
highly-engineered technology solutions provide unique life
extension options for critical plant infrastructure utilizing
proprietary automated equipment and a specialized work force.
Existing operating management has agreed to remain with the
company and the acquisition is anticipated to be accretive in the
first year of operation.
About Aquilex Specialty Repair and Overhaul LLC
Aquilex Specialty Repair and Overhaul LLC, headquartered in
Norcross, GA, is a leading global
provider of critical recurring and commonly nondiscretionary
maintenance, repair and overhaul services to a diverse base of
blue-chip customers in the nuclear, fossil power, refining,
chemical processing, pulp and waste-to-energy industries. Aquilex
SRO's proprietary processes and highly-engineered technology
solutions provide unique life extension options for critical plant
infrastructure and utilize proprietary automated equipment and a
specialized workforce. Prior to the completion of the acquisition
described above, Aquilex SRO was a wholly-owned subsidiary of
Aquilex Holdings LLC, which is majority owned by affiliates of
Centerbridge Partners, L.P.
About AZZ incorporated (NYSE: AZZ)
AZZ incorporated is a specialty electrical equipment manufacturer
serving the global markets of industrial, power generation,
transmission and distributions, as well as a leading provider of
hot dip galvanizing services to the North American steel
fabrication market.
Safe Harbor Statement
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 29,
2012 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.
Contact:
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Dana
Perry, Senior Vice President – Finance and CFO
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AZZ
incorporated 817-810-0095
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Internet: www.azz.com
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Lytham
Partners 602-889-9700
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Joe
Dorame or Robert Blum
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Internet:
www.lythampartners.com
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SOURCE AZZ incorporated