AZZ Says Conducting Board-led Review Of Portfolio And Capital Allocation - Quick Facts

(RTTNews) - AZZ Inc. (AZZ) said Thursday that it is conducting a comprehensive Board-led review of its portfolio and capital allocation, and has engaged independent financial, legal and tax advisors in support of this review.

The company noted that these actions will allow it to accelerate the strategy to become a focused metal coatings company and rapidly enhance shareholder value.

Tom Ferguson, President and Chief Executive Officer of AZZ, said that prior to the onset of COVID-19, the company divested NLI and reduced its exposure to the nuclear sector. The company also divested the AZZ SMS business in Florida as well as other non-core assets despite delays arising from COVID-19.

"Our review of the Infrastructure Solutions businesses and associated assets and the exploration of other capital allocation opportunities to maximize shareholder value - with the assistance of independent advisors - is the next important step in this process," Ferguson added.

In addition, AZZ has repurchased over 500,000 shares over the past five months and authorized a new stock repurchase program of $100 million that it intends to complete by the end of fiscal year 2022.

As part of the review, AZZ has engaged an independent search firm to further its Board refreshment process.