AZZ incorporated Completes the Acquisition of a Minnesota Galvanizing Facility Acquisition strengthens market leadership position; Increases to 36 the number of galvanizing facilities in North America
FORT WORTH, Texas, June 30, 2014 /PRNewswire/ -- AZZ incorporated (NYSE: AZZ), a global provider of electrical products and highly engineered services and a provider of galvanizing services in North America, today announced that it has successfully completed a transaction to acquire substantially all of the assets of Zalk Steel & Supply Co., a Minneapolis, Minnesota-based galvanizing company that has served its customers in the upper Midwest of the United States since 1955. The acquisition of Zalk Steel & Supply, a small-kettle niche provider of galvanizing services, brings to 36 the number of galvanizing plants in the Galvanizing Services Segment of AZZ, and further enhances AZZ's position as the market leader in the North American galvanizing industry.
Tom Ferguson, president and chief executive officer of AZZ incorporated, said "We are extremely pleased to make this strategic acquisition that allows us to expand our network of galvanizers and broadens our service capabilities in the Midwestern U.S. with yet another successful operating plant. Operated with pride and integrity since its founding in 1955, Zalk Steel & Supply has a rich heritage of providing a superior level of service and support to their customers. That pride and integrity is consistent with the philosophy and methodology that AZZ employs in our current operations and we look forward to building on this proud tradition of customer service and quality. We anticipate that the acquisition of Zalk will be accretive within the first year of operation."
AZZ incorporated is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distribution, and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
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 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 28, 2014 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.
Paul Fehlman, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Lytham Partners 602-889-9700
Joe Dorame, Joe Diaz or Robert Blum
SOURCE AZZ incorporated