Aztec Manufacturing Co. Signs Agreement to Add Eleventh Galvanizing Facility
CROWLEY, Texas, Dec. 29 /PRNewswire/ -- Aztec Manufacturing Co. (NYSE: AZZ - news) announced that it signed a definitive agreement to acquire the outstanding stock of Westside Coating Services, Inc., a privately held, Baton Rouge, Louisiana based custom hot dip galvanizing company. The addition will give Aztec its eleventh galvanizing plant, making it one of the nation's largest companies furnishing galvanizing services.
Consummation of the acquisition is subject to further due diligence and satisfaction of customary closing conditions. Westside management is expected to be unchanged and employment is anticipated to continue at current levels.
Westside operates a new 50-foot galvanizing kettle in the Gulf Coast area generating over $7 million in revenues annually. Aztec currently operates four galvanizing plants in Texas, two in Mississippi, and one each in Arkansas, Arizona, Alabama and Louisiana.
``Not only does Westside represent the eleventh galvanizing plant for Aztec, but combined with our other seven strategically located Gulf Coast plants in Alabama, Mississippi, and Texas, it gives the company additional geographic coverage and critical mass in the Gulf Coast area. The acquisition of Westside should insure that fiscal 2001 will be another strong growth year for this segment of our Company. Aztec will continue to pursue additional acquisitions in both segments of our business,' stated Mr. Martin, chairman and chief executive officer.
Aztec is a manufacturer of electrical products for the industrial market and a leading provider of galvanizing services to the steel industry.
Except for the statements of historical fact, this release may contain ``forward-looking statements' that involve risks and uncertainties that are detailed from time to time in documents filed by the Company with the SEC. Those risks, uncertainties, and factors include, but are not limited to: change in demand, prices and raw material cost, including zinc which is used in the hot dip galvanizing process; changes in the economic conditions of the various markets the Company serves, foreign and domestic, including the market price for oil and natural gas; acquisition opportunities, adequacy of financing, and availability of experienced management employees to implement the Company's growth strategy; and customer demand and response to products and services offered by the Company. The Company can give no assurance that such expectations will prove to be correct.
SOURCE: Aztec Manufacturing Co.
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