01:48 PM EDT, 03/10/2025 (MT Newswires) -- AZZ (AZZ) Monday said that proceeds from the sale of the electric products division by its Avail Infrastructure Solutions joint venture will be used to further reduce its debt or fund any potential mergers or acquisitions.

nVent Electric ( NVT ) earlier Monday unveiled plans to acquire the enclosures, switchgear and bus systems business from Avail for $975 million in cash. The deal is expected to close by mid-2025, the companies said.

AZZ said it will book the gain from the sale as a one-time adjustment to earnings and believes that a decrease in the joint venture's equity income will be offset by interest savings. The company also said it won't revise its fiscal 2026 earnings outlook yet added that debt reduction will be "significantly higher."

AZZ has owned a 40% minority stake in Avail Infrastructure through a joint venture with majority owner Fernweh Group since 2022.

AZZ shares were 1.9% lower and NVT shares were down 4.5% in recent trading.

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