AZZ (NYSE:AZZ)
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From Jul 2019 to Jul 2024
AZZ incorporated and Jiangsu Changjiang Electric Group Co. Ltd. Establish
Co-Branding and Co-Operative Alliance Agreement
FORT WORTH, Texas, and YANGZHONG CITY, Jiangsu, China, Dec. 17
/PRNewswire-FirstCall/ -- AZZ incorporated , a manufacturer of electrical
products and a provider of galvanizing services, and Jiangsu Changjiang Electric
Group Co. Ltd., a leading manufacturer of electrical equipment in China, today
announced the signing of a Co-Branding and Co-Operative agreement between the
two companies. Additionally, Jiangsu Changjiang, an isolated phase bus duct
supplier to the China Three Gorges Project, has formed a new company, which will
manufacture and build the isolated phase bus product for the local Chinese
market, as well as selective export markets. The name of the new Company is
Jiangsu Changjiang Calvert Electric Co., Ltd. The new Company has been licensed
and approved by the Chinese government.
Mr. Xu Guang Fu, Chairman of the Board of Jiangsu Changjiang Electric Group,
said, "We look forward to working with AZZ incorporated and The Calvert Company,
a leading manufacture of isolated phase bus. We believe that as a result of
this agreement, there are additional opportunities for us to achieve further
market penetration in China, as well as selected international markets. The
Calvert name is one that is recognized and respected worldwide."
David H. Dingus, president and chief executive officer of AZZ incorporated,
said, "We are extremely pleased to work with a leading manufacturer of
electrical equipment in China. Since Jiangsu Changjiang's founding in 1965,
they have continued to expand their product offering and market presence. While
the current agreement is limited to the products of one subsidiary, The Calvert
Company, there may be opportunities to expand and include additional products of
AZZ in the future. With their state of the art facilities, this also opens up
additional opportunities for further penetration of selective markets."
Under the terms of the agreement, the products will be marketed in the Chinese
market as Jiangsu Changjiang Calvert and manufactured in a dedicated facility in
Yangzhong City, Jiangsu. AZZ's subsidiary, The Calvert Company, will provide
requested design and specification review services and marketing assistance.
Additionally, Calvert products for selective markets outside of China may be
sold under the name of Calvert and the manufacturing subcontracted to the new
Chinese company. Other terms of the agreement were not disclosed.
AZZ incorporated is a specialty electrical equipment manufacturer serving the
global markets of industrial, power generation, transmission and distribution,
as well as a leading provider of hot dip galvanizing services to the steel
fabrication market nationwide.
Except for the statements of historical fact, this release may contain
forward-looking statements that involve risks and uncertainties some of which
are detailed from time to time in documents filed by the Company with the SEC.
Those risks and uncertainties include, but are not limited to: changes in
customer demand and response to products and services offered by the company,
including demand by the electrical power generation markets, electrical
transmission and distribution markets, the industrial markets, and the hot dip
galvanizing markets; prices and raw material costs, including zinc and natural
gas which are used in the hot dip galvanizing process; changes in the economic
conditions of the various markets the Company serves, foreign and domestic,
customer requested delays of shipments, acquisition opportunities, adequacy of
financing, and availability of experienced management employees to implement the
Company's growth strategy. The Company can give no assurance that such
forward-looking statements will prove to be correct.
DATASOURCE: AZZ incorporated
CONTACT: Dana Perry, Vice President ? Finance and CFO of AZZ
incorporated, +1-817-810-0095; or retail, Robert Blum, or
institutional/analysts, Joe Dorame, or media, Kristen Klein, all of RCG
Capital Markets Group, Inc., +1-480-675-0400, for AZZ incorporated
Web site: http://www.rcgonline.com/
http://www.azz.com/