FORT WORTH, Texas, Jan. 20, 2017 /PRNewswire/ -- AZZ
Inc. (NYSE:AZZ), a global provider of galvanizing, welding
solutions, specialty electrical equipment and highly engineered
services to the power generation, transmission, distribution and
industrial markets, announced today a collaborative teaming
agreement with Westinghouse Electric Company LLC ("Westinghouse"),
to jointly market their safety-related equipment solutions to the
nuclear industry, in lieu of a previously announced divestiture of
its Nuclear Logistics ("NL") operating business unit to
Westinghouse.
The combined capabilities of both organizations will provide
unparalleled products and services focused on meeting the nuclear
industry's equipment challenges with cost-effective, technically
superior, high-quality equipment solutions.
"As the world pivots to cleaner energy, this agreement reflects
our shared commitment to the nuclear industry and provides our
mutual customers high-quality design, manufacturing, testing,
qualification, and commercial grade dedication services while
supporting our critical global energy needs," said David Howell, Senior Vice President,
Westinghouse Operating Plants Business.
Tom Ferguson, Chief Executive
Officer of AZZ, commented, "Both parties made significant progress
but it became apparent that the market needed us to focus on
building our heritage businesses. We are confident that this
alliance represents the most effective and expeditious path
forward. We are pleased to move forward on an agreement that
leverage's Westinghouse's OEM strength and NL's aftermarket
capabilities to offer our customers a higher level of service and
solutions. We believe this will be a mutually beneficial agreement
for both parties."
"NL's transition from a small, owner-led company to a
professional, highly talented and profitable enterprise is
continuing on course," continued Mr. Ferguson. "We look forward to
NL's contribution within our portfolio and will further challenge
our management team to refine our processes and grow the
business."
Nuclear Logistics LLC., a wholly owned subsidiary of AZZ, is the
largest third-party supplier of safety related equipment to the
nuclear industry and has more than 180 employees that are
knowledgeable in areas such as nuclear qualification and
testing.
About AZZ Inc.
AZZ Inc. is a global provider of
galvanizing, welding solutions, specialty electrical equipment and
highly engineered services to the markets of power generation,
transmission, distribution and industrial in protecting metal and
electrical systems used to build and enhance the world's
infrastructure. AZZ Galvanizing is a leading provider of metal
finishing solutions for corrosion protection, including hot dip
galvanizing to the North American steel fabrication industry. AZZ
Energy is dedicated to delivering safe and reliable transmission of
power from generation sources to end customers, and automated weld
overlay solutions for corrosion and erosion mitigation to critical
infrastructure in the energy markets worldwide.
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 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 political stability and economic conditions of the
various markets that AZZ serves, foreign and domestic, customer
requested delays of shipments, acquisition opportunities, currency
exchange rates, adequacy of financing, and availability of
experienced management and 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,
2016 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.
To learn more about Westinghouse Electric Company and our
130-year legacy of innovation, visit
www.westinghousenuclear.com.
Contact:
Paul Fehlman, Senior Vice President
–Finance and CFO
AZZ Inc. 817-810-0095
Internet: www.azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe
Diaz
Internet:
www.lythampartners.com
Courtney Boone
Vice President, Global Communications
Westinghouse Electric Company
Telephone: 412-374-2707
Email: booneca@westinghouse.com
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SOURCE AZZ Inc.