Fort Worth-based AZZ Inc. announced today it has agreed to sell its Nuclear Logisits LLC operating business unit to Westinghouse Electric Company. Terms of the transaction were not disclosed.
AZZ, which trades over the NYSE under the AZZ symbol, is a global provider of galvanizing, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial market. The transaction is expected to close in the fall of this year.
“During the past 12 to 18 months we have conducted a strategic review to evaluate our assets and product portfolio to identify our core and non-core businesses,” said Tom Ferguson, CEO of AZZ in a news release. “That review made it clear to us that the NL business is better suited as part of a company with a strong involvement in the nuclear industry. We are pleased to have reached an agreement where Westinghouse, a leader in the nuclear industry, will acquire these assets, which will seamlessly integrate into their existing operations, and will enable us at AZZ to drive growth as we increasingly focus on our core businesses.”
Nuclear Logistics LLC is the largest third-party supplier of safety related equipment to the nuclear industry and has employees that are knowledgeable in areas such as nuclear qualification and testing, which are more in line with the nuclear parts and supply business of Westinghouse, according to an AZZ news release.
“This transaction better positions AZZ to continue to expand its market share in the galvanizing and energy segments,” said Ferguson.
AZZ is set to release its fiscal second quarter results on Wednesday, Oct. 5.