AZZ Inc. and Westinghouse Electric Company mutually agree to terminate nuclear logistics transaction
Friday, Jan 20, 2017
AZZ Inc., a global provider of galvanizing, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, announced today a collaborative teaming agreement with Westinghouse Electric Company LLC ("Westinghouse"), to jointly market their safety-related equipment solutions to the nuclear industry, in lieu of a previously announced divestiture of its Nuclear Logistics ("NL") operating business unit to Westinghouse.
The combined capabilities of both organizations will provide unparalleled products and services focused on meeting the nuclear industry's equipment challenges with cost-effective, technically superior, high-quality equipment solutions.
"As the world pivots to cleaner energy, this agreement reflects our shared commitment to the nuclear industry and provides our mutual customers high-quality design, manufacturing, testing, qualification, and commercial grade dedication services while supporting our critical global energy needs," said David Howell, Senior Vice President, Westinghouse Operating Plants Business.
Tom Ferguson, Chief Executive Officer of AZZ, commented, "Both parties made significant progress but it became apparent that the market needed us to focus on building our heritage businesses. We are confident that this alliance represents the most effective and expeditious path forward. We are pleased to move forward on an agreement that leverage's Westinghouse's OEM strength and NL's aftermarket capabilities to offer our customers a higher level of service and solutions. We believe this will be a mutually beneficial agreement for both parties."
"NL's transition from a small, owner-led company to a professional, highly talented and profitable enterprise is continuing on course," continued Mr. Ferguson. "We look forward to NL's contribution within our portfolio and will further challenge our management team to refine our processes and grow the business."
Nuclear Logistics LLC., a wholly owned subsidiary of AZZ, is the largest third-party supplier of safety related equipment to the nuclear industry and has more than 180 employees that are knowledgeable in areas such as nuclear qualification and testing.
For more information, please visit: www.westinghousenuclear.com