FORT WORTH, Texas, Sept. 20, 2016 /PRNewswire/ -- AZZ
Inc. (NYSE: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, and Abdulrahman Ababtain
Co., Ltd., announced today a joint venture agreement to manufacture
high voltage gas-insulated transmission line ("GIL") products
within the Kingdom of Saudi
Arabia.
Bill Estes, Vice President of AZZ
Electrical Systems, commented, "We are pleased to be working with
Abdularahman Ababtain. This joint venture is significant in that it
establishes AZZ's first dedicated facility in the Kingdom of Saudi Arabia. AZZ's proven
technology and engineering expertise will be a local resource for
high voltage GIL products and services for the Middle East."
Expected to be finalized later this year, with joint venture
operations to commence during first half of 2017, the facility will
specialize in the manufacture of high voltage GIL and provide
related services. AZZ's GIL product delivers
economical long-distance power transmission with superior
reliability and expected lifecycle. As the only North American
manufacturer of GIL for use in high-voltage transmission and
substation applications, AZZ has developed an optimal alternative
to conventional cable systems and overhead lines. The joint
venture provides AZZ improved access to local markets in the
Middle East, and is consistent
with the Company's strategic goals to enter into select joint
venture agreements that will broaden the international scope of its
business.
About Abdulrahman Ababtain Co.,
Ltd.
Abdularahman Ababtain Co., Ltd., commercial
registration # 1010432165, is a Saudi company. The founder,
Abdulrahman Ababtain, is an electrical engineer with an MBA and
MS-Finance from the University of
Tampa. Mr. Ababtain has extensive experience in high voltage
power products and power substation automation, and has played a
major role in constructing the first facility to assemble high
voltage gas-insulated switchgear ("GIS") in the Kingdom of Saudi Arabia.
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 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.
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
Contact:
Abdulrahman Ababtain, Founder and General Manager
+966 552244345
Abdulrahman Ababtain Co., Ltd.
AZZ CGIT Arabia, Ltd.
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SOURCE AZZ Inc.