FORT WORTH, Texas, March 2, 2020 /PRNewswire/ -- AZZ
Inc. (NYSE:AZZ), a global provider of metal coating services,
welding solutions, specialty electrical equipment and highly
engineered services, today announced that it has completed the
previously announced divestiture of Nuclear Logistics LLC ("NLI")
to Paragon Energy Solutions. Terms of the transaction were not
disclosed, and were subject to customary closing terms and
conditions.
As previously disclosed, AZZ's revised fiscal 2020 guidance does
not reflect the effect of any acquisitions or dispositions. The
Company expects to record a one-time, non-cash charge related to
the divestiture of NLI and certain tax adjustments as part of its
fiscal year 2020 which ended on February
29th, 2020. The Company is currently reviewing the charge,
which will be reported in the fiscal year 2020 Form 10-K.
Accordingly, it cannot estimate the amount of the non-cash charge
and related tax adjustments at this time, which may be
material.
Tom Ferguson, AZZ's CEO, noted
"as a reminder, this divestiture is in line with our desire to
focus on our core businesses and markets. We remain active in
pursuing metal coatings acquisitions and investing in our core
businesses."
Confirms Fiscal Year 2021 Guidance
The Company
also reaffirms guidance for fiscal year 2021, which refers to the
twelve month period beginning March 1,
2020 and ending on February 28,
2021, and expects fiscal 2021 earnings to be within the
range of $2.65 and $3.15 per diluted share, and estimate revenue to
be within the range of $970 million
to $1.06 billion.
About Paragon
For over 20 years Paragon has
provided an unmatched commitment to the nuclear industry's most
difficult challenges with customized solutions. Dedicated to
quality, safety, and reliability, Paragon prides itself on
delivering premium products and services including repair of
I&C equipment, reverse engineered products, solving
obsolescence, commercial grade dedication / qualification,
just-in-time inventory, and innovative supply chain solutions.
Paragon is committed to the nuclear industry and providing support
to nuclear energy facilities worldwide.
About AZZ Inc.
AZZ Inc. is a global provider of
metal coating solutions, welding solutions, specialty electrical
equipment and highly engineered services to the power generation,
transmission, distribution and industrial markets. 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 future 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,
2019 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:
|
Internet:
www.lythampartners.com
|
Paul Fehlman, Senior
Vice President –Finance and CFO
|
|
AZZ Inc.
817-810-0095
|
Heather
Born
|
Internet:
www.azz.com
|
Vice President, Human
Resources
|
|
Paragon 865-218-8262
hborn@paragones.com
|
Lytham
Partners
|
|
602-889-9700
|
|
Joe Dorame, Robert
Blum or Joe Diaz
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/azz-inc-announces-completion-of-the-nuclear-logistics-llc-divestiture-301014154.html
SOURCE AZZ Inc.