Benzinga | Jan 3, 2022 08:04AM EST

AZZ To Acquire Steel Creek For Undisclosed Sum

* AZZ Inc (NYSE:AZZ) has agreed to acquire all the assets of Steel Creek Galvanizing Company, LLC, a privately held hot-dip galvanizing company based in Blacksburg, South Carolina. Deal terms were not disclosed.

* Steel Creek provides hot-dip galvanizing to customers located in the Southeast from its 83,000 square foot facility.

* The company expects the acquisition to be accretive to its earnings within the first year of operation.

* AZZ will operate the new facility as AZZ Galvanizing -- South Carolina and further extend its ability to support customers in the Southeast region of the U.S., increasing its total galvanizing network to 40 sites in North America.

* Steel Creek's strategic location provides the ability to serve key markets in the Southeast, including Charlotte, Greenville, Spartanburg, Asheville, Columbia, Greensboro, and Atlanta.

* AZZ held cash and equivalents of $15.49 million as of August 31, 2021.

* Price Action: AZZ shares closed lower by 0.13% at $55.29 on Friday.