FORT WORTH, Texas, April 12, 2019 /PRNewswire/ -- AZZ
Inc. (NYSE: AZZ), a global provider of metal coating services,
welding solutions, specialty electrical equipment and highly
engineered services to the power generation, transmission,
distribution and industrial markets, announced today that it has
acquired all the assets and outstanding shares of K2 Partners, Inc.
("K2"), a privately held company. K2 provides powder coating
and electroplating services to customers in the Midwest and
Southeast from locations in Texas
and Florida. Terms of the
transaction were not disclosed. AZZ expects the acquisition will be
accretive to earnings within the first year of operation.
![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)
Through the acquisition, AZZ gains the powder coating operations
of Centrix Powder Coating in Tampa,
Florida and the powder coating and electroplating operations
of Cimcon Finishing in Garland,
Texas. Going forward, the facility in Tampa will operate as AZZ Powder Coating –
Tampa and the location in
Garland will operate as AZZ Powder
Coating and Plating – Garland. The acquisition increases
AZZ's Metal Coatings network of plants to 44 sites in the United States and Canada.
Michael Doucet, Senior Vice
President of AZZ's Surface Technologies platform commented, "The
acquisition of K2 expands our geographical reach in metal coating
services and broadens our service offerings in strategic markets.
The K2 facility in Texas is
ideally located to increase our ability to service customers in
Texas and into the Midwest, while
their operation in Florida expands
AZZ's capability to provide metal coating services to customers in
the Southeast. We are pleased to welcome K2's employees to AZZ and
look forward to a seamless integration while providing customers
with expanded services through our network of metal coating
plants."
David Bridgforth, Chief Executive
Officer of K2, commented "K2 is pleased to join the AZZ team and to
be a part of their long-term strategy for metal coating
services. The employees of K2 look forward to contributing
and accelerating the growth of AZZ in the surface technology
market."
About K2 Partners Inc.
K2 Partners Inc., a Florida
corporation, has provided regional powder coating and
electroplating services to customers in Texas and Florida since 1994. With 75,000 square
feet of production space, K2 offers customers high quality powder
coating services through the use of automated powder coating lines
optimized for high volume, quick turn jobs. The company's
electroplating and anodizing service provide unique aesthetic, wear
and anti-corrosion benefits for steel and aluminum.
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's
Metal Coatings Segment is a leading provider of metal finishing
solutions for corrosion protection, including hot dip galvanizing
to the North American steel fabrication industry. AZZ's Energy
Segment 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:
Paul Fehlman, Senior Vice President
– Finance and CFO
AZZ Inc.
817-810-0095
Internet: azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe
Diaz
Internet: lythampartners.com
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SOURCE AZZ Inc.