Feb 25 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
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
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.