AZZ Agrees To Acquire DAAM Galvanizing For Undisclosed Sum

AZZ Inc 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.