FORT WORTH, Texas, June 29, 2018 /PRNewswire/ -- AZZ Inc. (NYSE:AZZ), a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, today announced that it was awarded contracts from SDEE Hitachi High Voltage Switchgear and Pinggao Group Company Limited to produce approximately 7,431 meters of Ultra High Voltage 1100KV Gas Insulated Line for the Cross Yangtze River Sutong Underground Tunnel Project. This project has the highest voltage level, and largest transmission capacity in the world.
Under the terms of the contracts, AZZ will provide 7,431 meters of GIL to be installed in a tunnel running under the Yangtze River, at the greatest depth and highest water pressure for a tunnel in China. The total value of both contract awards is estimated to be valued at greater than $40 million USD and delivery is scheduled to begin late 2018.
Ken Lavelle, President of AZZ Electrical Systems, commented, "We are extremely proud to have been chosen as a partner to deliver the ultra-high voltage bus system for this critical power application in the Yangtze River Delta Region, a large economic hub of the People's Republic of China. AZZ has a proven and successful track record in delivering innovative solutions and services for critical high voltage bus systems. We believe this application is the first of its kind in the world and a significant step in the development of gas insulated line technology."
About Pinggao Group Co., Ltd
Pinggao Group Co., Ltd ("PG") is a wholly-owned subsidiary corporation of China Electric Power Equipment and Technology Co., Ltd., located in Pingdingshan City, Henan Province, China. PG, firstly named as Pingdingshan High Voltage Switchgear Factory established in 1970, is the largest base of researching, developing and manufacturing high voltage, extra-high voltage and ultra-high voltage switchgears in China, also is the important technical equipment pillar enterprise in the state electrical industry. It is the first hi-tech company of high voltage switchgear industry certificated by Chinese Academy of Sciences and Ministry of Science; Technology and has been listed among Chinese top 10 electrical corporations. PG at present employs a staff of 7,695, among which more than 800 are engineers.
About SDEE Hitachi High Voltage Switchgear
SDEE Hitachi High-Voltage Switchgear Co., Ltd. is a Sino-Japanese joint venture company located in China's Shandong province with major shares held by SDEE, a subsidiary of State Grid Corporation of China. The company provides Ultra High Voltage GIS, and many other types of GIS, with capacities ranging from 110KV to 1,100KV.
About AZZ Inc.
AZZ Inc. is a global provider of metal coating 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 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. 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 metal coatings 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 28, 2018 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 Inc. 817-810-0095
Joe Dorame, Robert Blum or Joe Diaz
SOURCE AZZ Inc.