|AZZ Inc. Acquires Assets of Nebraska-based Galvanizing Facility from Olson Industries, Inc.AZZ strengthens capabilities to support galvanizing customers in Nebraska, Iowa and South Dakota markets|
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NYSEWed, Feb 3, 2016 4:02 PM EST
6:44 am AZZ acquires assets of Nebraska-based Galvanizing Facility from Olson Industries; expect Nebraska plant to be accretive to earnings within the first year of operation
Briefing.com 2 days 20 hrs ago
AZZ INC Files SEC form 8-K, Regulation FD Disclosure
EDGAR Online 7 days ago
FORT WORTH, Texas, Feb. 1, 2016 /PRNewswire/ -- AZZ Inc. ( AZZ), a global provider of galvanizing 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 the assets of Alpha Galvanizing Inc., an Atkinson, Nebraska-based business unit of Olson Industries, Inc. Alpha Galvanizing has served steel fabrication customers that manufacture electrical utility poles, agricultural machinery and industrial manufacturing components since 1996.
The newly acquired Nebraska plant is located on a 12-acre site with a 19,500 square foot operating facility with a 46'L x 6'W x 8'D kettle. Alpha Galvanizing was founded to bring quality galvanizing services to the Nebraska market as well as to support Olson Industries' internal galvanizing demand. The new galvanizing plant will operate as AZZ Galvanizing–Nebraska and will complement AZZ's Midwestern locations in Minnesota and Denver, Colorado. This acquisition increases AZZ Galvanizing Services' network of hot-dip galvanizing plants to 43 sites in the United States and Canada.
Tim Pendley, senior vice president and chief operating officer of Galvanizing Services of AZZ Inc., commented, "We are pleased to enter a new galvanizing market in Nebraska with the acquisition of the assets of Alpha Galvanizing. Our goal is to continue to expand our geographic coverage by offering a broad portfolio of metal protection services, unmatched quality and superior customer service. From a geographic standpoint, the new AZZ Galvanizing-Nebraska is ideally located to support our Midwestern and Denver locations and their customers as needed. We anticipate the Nebraska plant will be accretive to earnings within the first year of operation."
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing 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 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 28, 2015 and other filings with the SEC, available for viewing on AZZ's website atazz.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.
Paul Fehlman, Senior Vice President – Finance and CFO
AZZ Inc. 817-810-0095
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