AZZ Inc. and Abdulrahman Ababtain Co., Ltd. Announce Joint Venture Agreement

Dienstag, 20.09.2016 12:35 von

PR Newswire

FORT WORTH, Texas, Sept. 20, 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, and Abdulrahman Ababtain Co., Ltd., announced today a joint venture agreement to manufacture high voltage gas-insulated transmission line ("GIL") products within the Kingdom of Saudi Arabia.

Bill Estes, Vice President of AZZ Electrical Systems, commented, "We are pleased to be working with Abdularahman Ababtain. This joint venture is significant in that it establishes AZZ's first dedicated facility in the Kingdom of Saudi Arabia. AZZ's proven technology and engineering expertise will be a local resource for high voltage GIL products and services for the Middle East."

Expected to be finalized later this year, with joint venture operations to commence during first half of 2017, the facility will specialize in the manufacture of high voltage GIL and provide related services. AZZ's GIL product delivers economical long-distance power transmission with superior reliability and expected lifecycle. As the only North American manufacturer of GIL for use in high-voltage transmission and substation applications, AZZ has developed an optimal alternative to conventional cable systems and overhead lines.  The joint venture provides AZZ improved access to local markets in the Middle East, and is consistent with the Company's strategic goals to enter into select joint venture agreements that will broaden the international scope of its business.

About Abdulrahman Ababtain Co., Ltd.
Abdularahman Ababtain Co., Ltd., commercial registration # 1010432165, is a Saudi company. The founder, Abdulrahman Ababtain, is an electrical engineer with an MBA and MS-Finance from the University of Tampa. Mr. Ababtain has extensive experience in high voltage power products and power substation automation, and has played a major role in constructing the first facility to assemble high voltage gas-insulated switchgear ("GIS") in the Kingdom of Saudi Arabia.

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 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.

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

Contact:
Abdulrahman Ababtain, Founder and General Manager
+966 552244345
Abdulrahman Ababtain Co., Ltd.
AZZ CGIT Arabia, Ltd.

 

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SOURCE AZZ Inc.