FORT WORTH, Texas, Nov. 12, 2020 /PRNewswire/ -- AZZ Inc.
(NYSE:AZZ), today announced strategic and financial initiatives to
enhance shareholder value. AZZ is conducting a comprehensive
Board-led review of its portfolio and capital allocation and has
engaged leading independent financial, legal and tax advisors in
support of this review. These actions will allow AZZ to accelerate
the strategy to become a focused metal coatings company and more
rapidly enhance shareholder value.
Tom Ferguson, President and Chief
Executive Officer commented, "Prior to the onset of COVID-19, AZZ
had taken substantial steps to sharpen our business focus, as we
divested NLI and reduced exposure to the nuclear sector.
COVID-19 resulted in delays in certain corporate initiatives, but
we nonetheless divested the AZZ SMS business in Florida as well as other non-core assets."
"Our review of the Infrastructure Solutions businesses and
associated assets and the exploration of other capital allocation
opportunities to maximize shareholder value – with the assistance
of independent advisors – is the next important step in this
process. Moreover, given that share repurchase is currently an
attractive use of capital, we have repurchased over 500,000 shares
over the past five months and have authorized a new stock
repurchase program of $100 million
that we intend to complete by the end of fiscal year 2022. In
addition, as part of this review, we will continue to evolve our
Board to advance our strategy and have engaged a leading
independent search firm to further our Board refreshment process.
We believe these initiatives will enhance shareholder value as we
continue to drive profitable growth in metal coatings."
AZZ has made available a new Investor Presentation which
can be found on the Company's Investor Relations page at
http://www.azz.com/investor-relations and looks forward to
providing AZZ shareholders with additional updates on its
progress.
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, including the statements regarding
our strategic and financial initiatives. You can identify
forward-looking statements by terminology such as "may," "should,"
"expects," "plans," "intends," "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.
Company Contact:
David Nark, Senior Vice President of Marketing,
Communications and Investor Relations
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.