AZZ Inc. – an electrical components maker based in Fort Worth, TX – has announced it has signed an agreement to acquire Nuclear Logistics Inc. for up to $100 million, according to a Monday release.
Nuclear Logistics – also a Forth Worth-based company – is a provider of electrical and mechanical equipment and services for enhancing the safety of nuclear facilities. The company works with equipment manufacturers to supply equipment to meet nuclear industry requirements including seismic and environmental qualification, EMI/RFI testing, and software verification and validation.
"NLI is a great addition to AZZ's outstanding portfolio of brands under the Electrical and Industrial Products Segment," said David H. Dingus, president and CEO of AZZ. "NLI plays the critical role of enhancing and ensuring the safety of nuclear facilities, especially in light of the recent developments in Fukushima, Japan and the increased awareness of safety and redundancy for the nuclear industry in general."
The deal calls for AZZ to make an initial payment of $80 million plus debt, plus an earnout of up to $20 million if Nuclear Logistics meets certain financial targets. In the company's first full year under AZZ, NLI revenues are expected to range from $70-$80 million.
The acquisition is anticipated to close on June 1, 2012.
AZZ has a market value of about $645 million.