FORT WORTH, Texas, July 21, 2020 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), a global provider of metal coating services, welding
solutions, specialty electrical equipment and highly engineered
services, announced today that it has successfully completed
divesting its Galvabar business. Terms of the transaction were not
disclosed.
Tom Ferguson, Chief Executive
Officer of AZZ, commented, "While Galvabar would normally be
considered a core business for AZZ, we have determined that this
technology is better suited for a company with both rebar
manufacturing and distribution capabilities. We are pleased to have
reached an agreement whereby CMC, a leader in the metals industry,
has acquired these assets, and will seamlessly integrate Galvabar
into their existing operations. This disposition generates cash and
frees up capital that had been committed to building out the
necessary plant capacity. These resources will be used for
investments and acquisitions in the remaining Metal Coatings
businesses. I am convinced that CMC will be a great partner to the
Galvabar customer base, as well as a good employer for Galvabar's
work force."
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. Certain factors could
affect the outcome of the matters described herein. This press
release may contain forward-looking statements that involve risks
and uncertainties including, but not limited to, changes in
customer demand for our products and services, including demand by
the power generation markets, electrical transmission and
distribution markets, the industrial markets, and the metal
coatings markets. In addition, within each of the markets we
serve, our customers and our operations could potentially be
adversely impacted by the ongoing COVID-19 pandemic. We could
also experience fluctuations in prices and raw material cost,
including zinc and natural gas which are used in the hot dip
galvanizing process; supply-chain vendor delays ; customer
requested delays of our products or services; delays in additional
acquisition opportunities; currency exchange rates; adequacy of
financing; availability of experienced management and employees to
implement AZZ's growth strategy; a downturn in market conditions in
any industry relating to the products we inventory or sell or the
services that we provide; economic volatility or changes in the
political stability in the United
States and other foreign markets in which we operate; acts
of war or terrorism inside the United
States or abroad; and other changes in economic and
financial conditions. 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, 2020 and other filings with the
Securities and Exchange Commission ("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.
AZZ Inc. Company Contact:
David Nark, Senior Vice
President of Marketing and Communications
AZZ Inc.
(817) 810-0095
www.azz.com
Investor Contact:
Joe Dorame, Managing Partner
Lytham Partners
(602) 889-9700
www.lythampartners.com
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SOURCE AZZ Inc.