FORT WORTH, Texas, June 5, 2015 /PRNewswire/ -- AZZ incorporated
(NYSE: AZZ), a global provider of galvanizing services, welding
solutions, specialty electrical equipment and highly engineered
services, announced today that it has acquired the assets of U.S.
Galvanizing, LLC, a premier provider of steel corrosion coating
services, and a wholly-owned subsidiary of Trinity Industries, Inc.
(NYSE: TRN). With the purchase of these assets AZZ Galvanizing
Services has increased its network of hot-dip galvanizing plants to
42 sites in the United States and
Canada. U.S. Galvanizing, LLC
generated revenue of approximately $34
million in sales on a trailing twelve-month basis as of
March 31, 2015.
The acquisition of the U.S. Galvanizing, LLC assets includes six
galvanizing facilities located in Hurst,
Texas; Kennedale, Texas;
Big Spring, Texas; San Antonio, Texas; Morgan City, Louisiana; and Kosciusko, Mississippi. Additionally, the
transaction includes Texas Welded Wire, a secondary business
integrated within U.S. Galvanizing's Hurst, Texas facility. As part of this
acquisition, AZZ and Meyer Steel Structures, a leading manufacturer
of steel structures for electricity transmission and distribution,
and a wholly-owned subsidiary of Trinity Industries, have entered
into a long-term supply and service agreement where AZZ will be the
primary supplier of hot-dip galvanizing services for Meyer Steel
Structures.
Tom Ferguson, president and chief
executive officer of AZZ incorporated, commented, "This is an
important strategic acquisition for AZZ, as we expand our network
of galvanizing plants and solidify our relationship with Trinity.
Additionally, this further expands our penetration in the states of
Texas, Louisiana and Mississippi and it further solidifies our
position as the leading North American hot-dip galvanizing provider
to the steel fabrication industry for corrosion protection."
Mr. Ferguson continued, "The ability to acquire six galvanizing
properties in one transaction represents a unique opportunity given
the current dynamics of the industry. Closer proximity to our
clients in the area of the acquired properties will enhance service
and turnaround times and provides us the opportunity to develop and
attract new clients with the increased capacity and capabilities
that we have now added to our portfolio of services. We are also
pleased to be the primary provider of galvanizing services to Meyer
Steel Structures. While we have provided services to Meyer in the
past, with this new agreement we will continue to generate
additional efficiencies and value for both parties. We anticipate
this acquisition to be accretive to the current fiscal year. We are
excited with the opportunities ahead."
About Trinity Industries
Trinity Industries, Inc., (NYSE: TRN), headquartered in
Dallas, Texas, is a diversified
industrial company that owns market-leading businesses which
provide products and services to the energy, transportation,
chemical and construction sectors. Trinity reports its financial
results in five principal business segments: the Rail Group, the
Railcar Leasing and Management Services Group, the Inland Barge
Group, the Construction Products Group, and the Energy Equipment
Group. For more information, visit: www.trin.net.
About AZZ incorporated
AZZ incorporated is a global provider of galvanizing 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 Galvanizing 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 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 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, 2015 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.
Contact:
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Paul Fehlman, Senior
Vice President – Finance and CFO
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AZZ incorporated
817-810-0095
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Internet:
www.azz.com
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Lytham Partners
602-889-9700
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Joe Dorame or Robert
Blum
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Internet:
www.lythampartners.com
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SOURCE AZZ incorporated