AZZ, Inc. (AZZ) Announces Strategic and Financial Initiatives to Enhance Shareholder Value

AZZ Inc. (NYSE: AZZ), today announced strategic and financial initiatives to enhance shareholder value. AZZ is conducting a comprehensive Board-led review of its portfolio and capital allocation and has engaged leading independent financial, legal and tax advisors in support of this review. These actions will allow AZZ to accelerate the strategy to become a focused metal coatings company and more rapidly enhance shareholder value.

Tom Ferguson, President and Chief Executive Officer commented, "Prior to the onset of COVID-19, AZZ had taken substantial steps to sharpen our business focus, as we divested NLI and reduced exposure to the nuclear sector. COVID-19 resulted in delays in certain corporate initiatives, but we nonetheless divested the AZZ SMS business in Florida as well as other non-core assets."

"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. Moreover, given that share repurchase is currently an attractive use of capital, we have repurchased over 500,000 shares over the past five months and have authorized a new stock repurchase program of $100 million that we intend to complete by the end of fiscal year 2022. In addition, as part of this review, we will continue to evolve our Board to advance our strategy and have engaged a leading independent search firm to further our Board refreshment process. We believe these initiatives will enhance shareholder value as we continue to drive profitable growth in metal coatings."

AZZ has made available a new Investor Presentation which can be found on the Company's Investor Relations page at http://www.azz.com/investor-relations and looks forward to providing AZZ shareholders with additional updates on its progress.

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