FORT WORTH, Texas, Feb. 4, 2019 /PRNewswire/ -- AZZ Inc.
(NYSE: AZZ), a global provider of metal coating services,
welding solutions, specialty electrical equipment and highly
engineered services, today announced it has reached a preliminary
agreement to acquire Tennessee Galvanizing Inc., a privately held
company, based in Jasper,
Tennessee. Tennessee Galvanizing is metal coatings
company with four operating galvanizing lines, including
centrifuge, rod, conveyer and a 42-foot structural kettle.
Terms of the transaction were not disclosed and are subject to
customary terms and conditions. The transaction is expected to
close in the spring of 2019, pending completion of final due
diligence activities. The facility will operate as AZZ Galvanizing
– Chattanooga and will retain key
managerial personnel and hourly employees currently employed at the
facility.
![AZZ Inc. is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services. (PRNewsfoto/AZZ Inc.) AZZ Inc. is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services. (PRNewsfoto/AZZ Inc.)](https://mma.prnewswire.com/media/559731/AZZ_Inc_Logo.jpg)
Bryan Stovall, Senior Vice
President of AZZ Metal Coatings, said, "The purchase of Tennessee
Galvanizing expands our network of metal coatings facilities in
North America that are able to
provide a broad spectrum of metal coating services – from small
piece goods to large components. We look forward to ensuring
a smooth integration into the AZZ family, with uninterrupted
customer service and continued employment for their employees. We
believe that existing and potential customers served by AZZ
Galvanizing – Chattanooga will
benefit from AZZ's economies of scale."
The acquisition will increase AZZ's Metal Coatings network of
hot-dip galvanizing plants to 41 sites in the United States and Canada. The Company expects AZZ Galvanizing –
Chattanooga to be accretive to
earnings within the first year of operation.
About Tennessee Galvanizing Inc.
Founded in 1991 Tennessee Galvanizing Inc., located in
Southeast Tennessee, is a leading
regional provider of galvanizing services. The Company
operates four distinct galvanizing lines in its Jasper, Tennessee location, including
centrifuge, rod, conveyor, and traditional hot-dip
galvanizing.
About AZZ Inc.
AZZ Inc. is a global provider of metal coating services, 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
Metal Coatings 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 metal coatings 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 28,
2018 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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Paul Fehlman, Senior
Vice President - Finance and CFO
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AZZ Inc.
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, Robert
Blum or Joe Diaz
|
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Internet:
www.lythampartners.com
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SOURCE AZZ Inc.