AZZ Inc. Announces Agreement to Acquire Maryland-Based Power Electronics, Inc.
Strategic acquisition expands AZZ's electrical power enclosure portfolio, manufacturing capacity and geographical reach along the East Coast of North America.
FORT WORTH, Texas –Â 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.
Contact:
Paul Fehlman, Senior Vice President-Finance and CFO
AZZ Inc. 817-810-0095
www.azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
www.lythampartners.com
SOURCE AZZ Inc.
Web Site: http://www.azz.com Â
