Stock Monitor: TPI Composites Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 15, 2018 / Active-Investors.com has just released a free research report on AZZ Inc. (NYSE: AZZ). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AZZ as the Company’s latest news hit the wire. On March 13, 2018, the Company disclosed that it had made a bid to acquire certain assets of Lectrus Corp. as part of Lectrus' 363 bankruptcy sale process. AZZ's bid was declared as the winning bid in the auction, as a result, it will acquire assets of Lectrus including its facility at Chattanooga, Tennessee. The financial details of the transaction were not disclosed. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, AZZ most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
AZZ will acquire Lectrus' assets via an assets sale and purchase agreement. The deal is expected to expand AZZ's metal enclosure and switchgear offerings and increase its geographical footprint in the Southeast to cover locations in Kansas, Maryland, and Missouri.
The bid includes Lectrus' Chattanooga facility which is built on a 585,000 square-foot area that houses a 210,000 square- foot manufacturing facility. As part of the deal, AZZ will absorb the entire workforce at this facility including engineers, estimators, project management, fabrication, integration, and sales personnel. The transaction is expected to close on, or before, March 31, 2018, subject to getting court approval and fulfillment of other closing conditions.
Commenting on making the winning bid for Lectrus' assets, Ken Lavelle, President of AZZ's Electrical segment, said:
"The opportunity to purchase certain strategic assets from Lectrus through a 363-bankruptcy sale process is a result of the consolidation that is occurring within the metal enclosure industry in the US, which is particularly challenging for smaller, less well-capitalized operators."
On completion of the assets sale and purchase agreement, AZZ plans to register Lectrus' Chattanooga facility as AZZ Enclosure Systems – Chattanooga LLC, a Delaware limited liability company and will complement AZZ's metal enclosure and switchgear businesses. Ken Lavelle expects that the Chattanooga facility and Lectrus brand will help AZZ in strengthening its Electrical business. The acquisition is expected to be accretive to AZZ's earnings within one year of operation.
About Lectrus Corp.
Lectrus is a privately-owned Tennessee corporation which was founded in 1968. The Company designs and manufactures custom metal enclosures and provides electrical and mechanical integration. Lectrus manufactures custom-designed and fabricated enclosures for a range of end uses including equipment centers, generator enclosures, operator centers, and enclosures that protect electrical power and mechanical control systems. The Company catered to customers in the gas, power generation, transmission and distribution, petrochemical, and alternative energy markets.
The Company filed for Chapter 11 bankruptcy in December 2017 due to financial problems and later filed a motion in the US Bankruptcy Court for the sale of all its assets.
About AZZ Inc.
Fort Worth, Texas-based AZZ is a global provider of metal coating services, welding solutions, specialty electrical equipment, and highly engineered services. The Company supports the power generation, transmission, distribution, and industrial markets by providing protection of metal and electrical systems used to build and enhance the world's infrastructure. The Company has many business units including the Metal Coatings Segment and the Energy Segment.
AZZ's Metal Coatings segment provides metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry.
The Energy 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 markets worldwide. The Company has a strong global presence in over 50 locations including its manufacturing facilities and sales network.
In February 2018, the Company acquired Rogers Brothers, a leading provider of galvanizing in Northern Illinois.
Stock Performance Snapshot
March 14, 2018 - At Wednesday's closing bell, AZZ's stock dropped 1.21%, ending the trading session at $44.90.
Volume traded for the day: 192.12 thousand shares, which was above the 3-month average volume of 160.80 thousand shares.
Stock performance in the last month – up 5.03%
After yesterday's close, AZZ's market cap was at $1.17 billion.
Price to Earnings (P/E) ratio was at 22.79.
The stock has a dividend yield of 1.51%.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.
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