Fort Worth-based AZZ Inc. (NYSE: AZZ) announced today it has won the bid to acquire certain assets through a 363 bankruptcy sale process, from Lectrus Corp., a privately-held Tennessee corporation, that designs and manufactures custom metal enclosures and provides electrical and mechanical integration. The Chattanooga, Tennessee facility of Lectrus is
included in the assets acquired.
“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 U.S., which is particularly challenging for smaller, less well-capitalized operators,” said Ken Lavelle, president of AZZ’s Electrical segment. “AZZ is well positioned to remain an opportunistic acquirer of strategic assets that will further enhance AZZ’s market share andimprove operations.”
The Chattanooga facility is located on a 585,000 square-foot site. The operations include a 210,000 square- foot manufacturing facility, as well as engineers, estimators, project management, fabrication, integration and sales personnel. The facility will operate as AZZ Enclosure Systems – Chattanooga LLC, a Delaware limited liability company, and will complement AZZ’s current metal enclosure and switchgear locations in Kansas, Maryland, and Missouri. The acquisition is subject to final court approval of the Sale Order, the Asset Purchase Price Agreement and customary closing conditions.
Founded in 1968, Lectrus Corp. is an industry leader in the design and manufacture of custom metal enclosures and related electrical and mechanical integration. The company serves a blue-chip base of businesses that operate within the oil and gas, power generation, transmission and distribution, petrochemical, and alternative energy markets. Lectrus’s
products serve a variety of end-uses, including equipment centers, generator enclosures, operator centers, and enclosures that protect electrical power and mechanical control systems.
Closing is expected on, or before, March 31, 2018.
