AZZ Inc. to acquire Tennessee Galvanizing
AZZ Inc. announced it has reached a preliminary agreement to acquire Tennessee Galvanizing, a privately held company, based in Jasper, Tennessee. Tennessee Galvanizing is a metal coatings company with four operating galvanizing lines, including centrifuge, rod, conveyer and a 42-foot structural kettle. Terms of the transaction were not disclosed and are subject to customary terms and conditions. The transaction is expected to close in the spring of 2019, pending completion of final due diligence activities. The facility will operate as AZZ Galvanizing - Chattanooga and will retain key managerial personnel and hourly employees currently employed at the facility. The acquisition will increase AZZ's metal coatings network of hot-dip galvanizing plants to 41 sites in the United States and Canada. The company expects AZZ Galvanizing - Chattanooga to be accretive to earnings within the first year of operation.