AZZ Inc. Announces Contract Award from China Three Gorges Corporation for 550kV Gas Insulated Line in China

FORT WORTH, Texas, Feb. 17, 2017 /PRNewswire/ -- AZZ Inc. (NYSE:AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, announced today that it was awarded a contract from the China Three Gorges Corporation ("Three Gorges") to provide six circuits of 550kV 4,000 Amp Gas Insulated Line ("GIL") for the 10,200MW Wudongde hydroelectric dam project on the Jinsha River straddling the Yunnan and Sichuan provinces in southwest China.

Under the terms of the contract, AZZ will provide 8,900 meters of GIL to be installed in two vertical shafts encompassing three circuits of GIL for each power station on both banks of the Jinsha River. The contract award is estimated to be valued at greater than $27 million USD and delivery is scheduled to begin June 2018.  

Bill Estes, Vice President of AZZ Electrical Systems, commented, "AZZ is very pleased to have been awarded this contract from Three Gorges to deliver our high voltage bus system for the Wudongde hydroelectric project.  The decision by Three Gorges to combine the two tender packages into a single award for both banks of the river is acknowledgement of AZZ's world leadership in vertical shaft high voltage bus applications."

About China Three Gorges Corporation
The China Three Gorges Corporation is a Chinese state-owned power company, established in 1993 to be responsible for construction of the Three Gorges Dam-project.  Three Gorges is now the largest hydropower developer in the world and has a total controllable installed capacity base of 64,500MW globally. 

About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov.  You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Paul Fehlman, Senior Vice President –Finance and CFO
AZZ Inc. 817-810-0095
Internet:
www.azz.com

Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet:
www.lythampartners.com

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SOURCE AZZ Inc.