AZZ incorporated Completes Acquisition of Aquilex Specialty Repair and Overhaul LLC An acquisition of a global leader in maintenance, repair and revitalization services to the nuclear and fossil fuel power generation markets as well as the refining and industrial markets.
FORT WORTH, Texas, April 1, 2013 /PRNewswire/ -- AZZ incorporated (NYSE: AZZ), a manufacturer of electrical products and a provider of galvanizing services, today announced that it has it has successfully completed the acquisition of Aquilex Specialty Repair and Overhaul LLC ("Aquilex SRO"), a global leader in maintenance, repair and revitalization services to the nuclear and fossil fuel power generation markets, as well as the refining and industrial markets. The acquisition is a part of the stated AZZ strategy to expand our offerings in the Electrical and Industrial Products Segment and to enhance our market presence in our primary served markets. Aquilex SRO's proprietary processes and highly-engineered technology solutions provide unique life extension options for critical plant infrastructure utilizing proprietary automated equipment and a specialized work force.
Existing operating management has agreed to remain with the company and the acquisition is anticipated to be accretive in the first year of operation.
About Aquilex Specialty Repair and Overhaul LLC
Aquilex Specialty Repair and Overhaul LLC, headquartered in Norcross, GA, is a leading global provider of critical recurring and commonly nondiscretionary maintenance, repair and overhaul services to a diverse base of blue-chip customers in the nuclear, fossil power, refining, chemical processing, pulp and waste-to-energy industries. Aquilex SRO's proprietary processes and highly-engineered technology solutions provide unique life extension options for critical plant infrastructure and utilize proprietary automated equipment and a specialized workforce. Prior to the completion of the acquisition described above, Aquilex SRO was a wholly-owned subsidiary of Aquilex Holdings LLC, which is majority owned by affiliates of Centerbridge Partners, L.P.
About AZZ incorporated (NYSE: AZZ)
AZZ incorporated is a specialty electrical equipment manufacturer serving the global markets of industrial, power generation, transmission and distributions, as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
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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 electrical 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 economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management 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, 2012 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.
SOURCE AZZ incorporated