FORT WORTH, Texas, March 1, 2022 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), a global provider of galvanizing and metal coating
solutions, welding solutions, specialty electrical equipment and
highly engineered services for maintaining and building critical
infrastructure, announced today that it has entered into an
agreement to acquire DAAM Galvanizing Co. Ltd. ("DAAM"), a
privately held hot-dip galvanizing company based in Edmonton, Alberta Canada. Terms of the
transaction were not disclosed.
DAAM has a 60-year reputation of industry excellence, commitment
to continuous improvement, safety, quality and customer
satisfaction. AZZ expects the acquisition will be accretive to
earnings within the first year of operation.
Through the acquisition, AZZ will add Western Canada's most trusted provider of
hot-dip galvanizing services to its well-established and successful
metal coatings operation. DAAM currently operates two galvanizing
facilities in Canada; one located
in Edmonton, Alberta and a second
in Saskatoon, Saskatchewan, as
well as a service depot in Calgary, Alberta. Upon closing, AZZ
intends to operate the new facilities as AZZ Galvanizing –
Edmonton and AZZ Galvanizing –
Saskatoon, and make further
investments in Calgary to extend
AZZ's ability to support customers in Central and Western Canada. The new metal coatings plants
will be integrated into AZZ's existing network of hot-dip
galvanizing plants, increasing its total hot-dip galvanizing
network to 42 sites in North
America.
Bryan L. Stovall, President &
COO of AZZ Metal Coatings, commented, "With a long and
successful operating history of more than 60 years, we are
pleased to reach an agreement to add DAAM Galvanizing to AZZ's
Metal Coatings portfolio. This acquisition is a testament to our
commitment to drive profitable growth and strengthen our Metal
Coatings business. The addition of DAAM will expand AZZ's
geographical coverage in the Northwest and enhances its scope of
metal coating services in Canada.
We welcome DAAM's employees and customers to AZZ and look
forward to a seamless integration with uninterrupted
industry-leading customer service."
About DAAM Galvanizing Co. Ltd.
Founded in 1954, DAAM Galvanizing has grown to become
Western Canada's leading — and
largest — lead-free galvanizing company. The Company delivers
end-to-end corrosion protection solutions for steel structures that
are guaranteed to last a lifetime. With a team of experts
including Engineers, Quality Control/Inspectors, and Safety
personnel, DAAM provides customers with unmatched value and trusted
performance through a network of facilities located in Edmonton, Alberta, Saskatoon, Saskatchewan, and a depot in
Calgary, Alberta.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing and a variety of
metal coating solutions, welding solutions, specialty electrical
equipment and highly engineered services to a broad range of
markets, including but not limited to, the power generation,
transmission, distribution, refining and industrial markets. AZZ's
Metal Coatings segment is a leading provider of metal finishing
solutions for corrosion protection, including hot dip galvanizing,
spin galvanizing, powder coating, anodizing and plating, to the
North American steel fabrication industry. AZZ's Infrastructure
Solutions segment 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 and waste
management 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. Certain factors could
affect the outcome of the matters described herein. This press
release may contain forward-looking statements that involve risks
and uncertainties including, but not limited to, changes in
customer demand for our products and services, including demand by
the power generation markets, electrical transmission and
distribution markets, the industrial markets, and the metal
coatings markets. In addition, within each of the markets we
serve, our customers and our operations could potentially continue
to be adversely impacted by the ongoing COVID-19 pandemic,
including governmental issued mandates regarding the same. We could
also experience additional increases in labor costs, components and
raw materials, including zinc and natural gas, which are used in
our hot dip galvanizing process; supply-chain vendor delays;
customer requested delays of our products or services; delays in
additional acquisition or disposition opportunities; currency
exchange rates; availability of experienced management and
employees to implement AZZ's growth strategy; a downturn in market
conditions in any industry relating to the products we inventory or
sell or the services that we provide; economic volatility or
changes in the political stability in the
United States and other foreign markets in which we operate;
acts of war or terrorism inside the
United States or abroad; and other changes in economic and
financial conditions. 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, 2021 and other filings with the
Securities and Exchange Commission ("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.
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SOURCE AZZ Inc.