January 20, 2017 - 6:30 AM EST
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AZZ Inc. and Westinghouse Electric Company Announce Teaming Agreement; Mutually Agree to Terminate Nuclear Logistics Transaction

FORT WORTH, Texas, Jan. 20, 2017 /PRNewswire/ -- AZZ Inc. (NYSE:AZZ), a global provider of galvanizing, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, announced today a collaborative teaming agreement with Westinghouse Electric Company LLC ("Westinghouse"), to jointly market their safety-related equipment solutions to the nuclear industry, in lieu of a previously announced divestiture of its Nuclear Logistics ("NL") operating business unit to Westinghouse.

The combined capabilities of both organizations will provide unparalleled products and services focused on meeting the nuclear industry's equipment challenges with cost-effective, technically superior, high-quality equipment solutions.

"As the world pivots to cleaner energy, this agreement reflects our shared commitment to the nuclear industry and provides our mutual customers high-quality design, manufacturing, testing, qualification, and commercial grade dedication services while supporting our critical global energy needs," said David Howell, Senior Vice President, Westinghouse Operating Plants Business.

Tom Ferguson, Chief Executive Officer of AZZ, commented, "Both parties made significant progress but it became apparent that the market needed us to focus on building our heritage businesses.  We are confident that this alliance represents the most effective and expeditious path forward. We are pleased to move forward on an agreement that leverage's Westinghouse's OEM strength and NL's aftermarket capabilities to offer our customers a higher level of service and solutions. We believe this will be a mutually beneficial agreement for both parties."

"NL's transition from a small, owner-led company to a professional, highly talented and profitable enterprise is continuing on course," continued Mr. Ferguson. "We look forward to NL's contribution within our portfolio and will further challenge our management team to refine our processes and grow the business."

Nuclear Logistics LLC., a wholly owned subsidiary of AZZ, is the largest third-party supplier of safety related equipment to the nuclear industry and has more than 180 employees that are knowledgeable in areas such as nuclear qualification and testing.

About AZZ Inc.
AZZ Inc. is a global provider of galvanizing, 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 29, 2016 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.

To learn more about Westinghouse Electric Company and our 130-year legacy of innovation, visit www.westinghousenuclear.com.

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

Courtney Boone
Vice President, Global Communications
Westinghouse Electric Company
Telephone: 412-374-2707
Email: [email protected]

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/azz-inc-and-westinghouse-electric-company-announce-teaming-agreement-mutually-agree-to-terminate-nuclear-logistics-transaction-300394041.html

SOURCE AZZ Inc.


Source: PR Newswire (January 20, 2017 - 6:30 AM EST)

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