FORT WORTH, Texas, May 20, 2019 /PRNewswire/ -- AZZ Inc. (AZZ), a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, today announced the appointment of Grant Thornton LLP ("GT") to serve as the Company's independent registered public accounting and audit firm for the fiscal year ending February 29, 2020.
Grant Thornton LLP replaces BDO USA, LLP ("BDO"), previously the independent registered public accounting and audit firm for the Company. The appointment of GT has been approved by the Company's Audit Committee. The change will be effective upon GT's completion of its standard client acceptance process and execution of an engagement letter. The decision to change auditors was not the result of any disagreement between the Company and BDO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
The Company had previously engaged GT on advisory services related to the Company's adoption of new accounting standards for revenue recognition and leasing and tax advisory services related to tax compliance and optimization.
Tom Ferguson, Chief Executive Officer of AZZ said, "We are pleased to welcome Grant Thornton as AZZ's new independent auditor. Previously we worked with members of the GT team on matters relating to revenue recognition, leasing and tax issues. Our experience was truly outstanding. Selecting GT as our independent accounting firm is based on our belief that they will deliver timely, high-quality audit services while understanding the complexities of our business."
About AZZ Inc.
AZZ Inc. is a global provider of metal coating 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 Metal Coatings 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 metal coatings 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 28, 2019 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.
Paul Fehlman, Senior Vice President – Finance and CFO
Joe Dorame, Robert Blum or Joe Diaz
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