AZZ to buy repair firm Aquilex for $250 mln to expand energy business

Mon Feb 25, 2013 9:55am EST

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Feb 25 (Reuters) - Electrical products maker AZZ Inc said it would buy Aquilex Specialty Repair and Overhaul LLC for $250 million in cash to expand its services to nuclear and other energy industries.

AZZ said it expected to add 25 cents to 30 cents per share to earnings in the first year after the deal's closing, which was likely within 30 days.

Norcross, Georgia-based Aquilex, majority owned by affiliates of Centerbridge Partners LP, provides maintenance and repair services to the nuclear and fossil-fuel power generation, refining and industrial markets.

AZZ, which also provides lighting and tubular products to the petroleum industries, expects Aquilex revenue to be in the range of $225 to $250 million for the first full year.

AZZ will fund the deal with cash on hand and a new bank credit agreement.

Shares of AZZ, which has a market capitalization of about $1.06 billion, were up about 4 percent at $43.57 on the New York Stock Exchange on Monday.

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