- AZZ Inc (NYSE:AZZ) has agreed to acquire DAAM Galvanizing Co. Ltd., a private hot-dip galvanizing company based in Edmonton, Alberta, Canada. Deal terms were not disclosed.
- AZZ expects the acquisition to be accretive to earnings within the first year of operation.
- Founded in 1954, DAAM operates two galvanizing facilities in Canada; one in Edmonton, Alberta, and a second in Saskatoon, Saskatchewan, and a service depot in Calgary, Alberta.
- AZZ plans to integrate the new metal coatings plants into its existing network, increasing its total hot-dip galvanizing network to 42 sites in North America.
- "The addition of DAAM will expand AZZ's geographical coverage in the Northwest and enhances its scope of metal coating services in Canada," said Bryan L. Stovall, President & COO of AZZ Metal Coatings.
- AZZ held cash and equivalents of $20.3 million as of November 30, 2021.
- Price Action: AZZ shares are trading lower by 2.36% at $48.07 on the last check Tuesday.
