FORT WORTH, Texas, March 1, 2016 /PRNewswire/ -- AZZ Inc. (NYSE:AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, announced today that it has acquired the assets and all the outstanding shares of Power Electronics, Inc. (PEI), based in Millington, Maryland. Power Electronics, Inc. is a privately held manufacturer and integrator of electrical enclosure systems, serving the utility and industrial markets with customized power control centers since 1989. Terms of the transaction were not disclosed.
Bill Estes, vice president of AZZ Electrical Systems, commented, "The acquisition of Power Electronics is a great addition to our electrical enclosure portfolio. It is consistent with our strategic initiative to grow our core business segments. With the acquisition of Power Electronics we have significantly enhanced our capacity to serve existing and new customers in a diverse set of industries along the Eastern seaboard. Additionally, by combining with Power Electronics we are better positioned to compete aggressively and more efficiently, as we can leverage our dedicated team of skilled professionals with our proven start-to-finish turnkey capabilities. We expect that the Power Electronics acquisition will be accretive to earnings within the first year of operation."
About Power Electronics, Inc.
Founded in 1989 with a small group of professionals, PEI has grown to a 100,000 square foot facility and a work force of over 140 System Integrators, Engineers, Fabricators and Manufacturing personnel. With hundreds of years of combined experience, PEI combines cutting edge technology with reliable, expandable, cost effective solutions for critical applications in a variety of industries, including power utility and industrial markets. Their product portfolio includes e-houses, data centers, control rooms and related relay panels.
About AZZ Inc.
AZZ Inc. 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 http://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:
Paul Fehlman, Senior Vice President-Finance and CFO
AZZ Inc. 817-810-0095
Internet:
www.azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet:
www.lythampartners.com
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SOURCE AZZ Inc.