AZZ incorporated and Jiangsu Changjiang Electric Group Co. Ltd. Establish Co-Branding and Co-Operative Alliance Agreement
December 17 2003 - 7:00AM
PR Newswire (US)
AZZ incorporated and Jiangsu Changjiang Electric Group Co. Ltd.
Establish Co-Branding and Co-Operative Alliance Agreement FORT
WORTH, Texas, and YANGZHONG CITY, Jiangsu, China, Dec. 17
/PRNewswire-FirstCall/ -- AZZ incorporated , a manufacturer of
electrical products and a provider of galvanizing services, and
Jiangsu Changjiang Electric Group Co. Ltd., a leading manufacturer
of electrical equipment in China, today announced the signing of a
Co-Branding and Co-Operative agreement between the two companies.
Additionally, Jiangsu Changjiang, an isolated phase bus duct
supplier to the China Three Gorges Project, has formed a new
company, which will manufacture and build the isolated phase bus
product for the local Chinese market, as well as selective export
markets. The name of the new Company is Jiangsu Changjiang Calvert
Electric Co., Ltd. The new Company has been licensed and approved
by the Chinese government. Mr. Xu Guang Fu, Chairman of the Board
of Jiangsu Changjiang Electric Group, said, "We look forward to
working with AZZ incorporated and The Calvert Company, a leading
manufacture of isolated phase bus. We believe that as a result of
this agreement, there are additional opportunities for us to
achieve further market penetration in China, as well as selected
international markets. The Calvert name is one that is recognized
and respected worldwide." David H. Dingus, president and chief
executive officer of AZZ incorporated, said, "We are extremely
pleased to work with a leading manufacturer of electrical equipment
in China. Since Jiangsu Changjiang's founding in 1965, they have
continued to expand their product offering and market presence.
While the current agreement is limited to the products of one
subsidiary, The Calvert Company, there may be opportunities to
expand and include additional products of AZZ in the future. With
their state of the art facilities, this also opens up additional
opportunities for further penetration of selective markets." Under
the terms of the agreement, the products will be marketed in the
Chinese market as Jiangsu Changjiang Calvert and manufactured in a
dedicated facility in Yangzhong City, Jiangsu. AZZ's subsidiary,
The Calvert Company, will provide requested design and
specification review services and marketing assistance.
Additionally, Calvert products for selective markets outside of
China may be sold under the name of Calvert and the manufacturing
subcontracted to the new Chinese company. Other terms of the
agreement were not disclosed. AZZ incorporated is a specialty
electrical equipment manufacturer serving the global markets of
industrial, power generation, transmission and distribution, as
well as a leading provider of hot dip galvanizing services to the
steel fabrication market nationwide. Except for the statements of
historical fact, this release may contain forward-looking
statements that involve risks and uncertainties some of which are
detailed from time to time in documents filed by the Company with
the SEC. Those risks and uncertainties include, but are not limited
to: changes in customer demand and response to products and
services offered by the company, including demand by the electrical
power generation markets, electrical transmission and distribution
markets, the industrial markets, and the hot dip galvanizing
markets; prices and raw material costs, including zinc and natural
gas which are used in the hot dip galvanizing process; changes in
the economic conditions of the various markets the Company serves,
foreign and domestic, customer requested delays of shipments,
acquisition opportunities, adequacy of financing, and availability
of experienced management employees to implement the Company's
growth strategy. The Company can give no assurance that such
forward-looking statements will prove to be correct. DATASOURCE:
AZZ incorporated CONTACT: Dana Perry, Vice President ? Finance and
CFO of AZZ incorporated, +1-817-810-0095; or retail, Robert Blum,
or institutional/analysts, Joe Dorame, or media, Kristen Klein, all
of RCG Capital Markets Group, Inc., +1-480-675-0400, for AZZ
incorporated Web site: http://www.rcgonline.com/
http://www.azz.com/
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