Zurn Water Solutions Stockholders Pave Way for Combination With Elkay Manufacturing
May 26 2022 - 11:46AM
Business Wire
Zurn Water Solutions Corporation (NYSE: ZWS) announced that, at
a Special Meeting today, its stockholders voted to approve the
issuance of shares of Zurn common stock necessary to complete the
previously announced combination with Elkay Manufacturing Company.
As approved today, stockholders of Elkay Manufacturing will receive
up to 52.5 million newly issued shares of Zurn Common Stock. Zurn’s
stockholders also voted to increase the number of authorized shares
available for award under the Zurn Water Solutions Corporation
Performance Incentive Plan by 1,500,000 shares.
“We are pleased to see our stockholders’ strong support of the
transaction with Elkay,” said Todd A. Adams, Chairman and CEO of
Zurn Water Solutions. “Since the transaction was announced in
February, robust integration planning efforts have been underway,
and we continue to believe we will be able to capitalize on the
significant synergies the combination will generate. The newly
created Zurn Elkay Water Solutions will be the unrivaled leader in
providing specified water solutions to improve health, human safety
and the environment and we look forward to closing in the coming
weeks.”
The transaction is expected to close early in the third quarter,
subject to the satisfaction of the remaining closing
conditions.
About Zurn Water Solutions
Headquartered in Milwaukee, Wisconsin, Zurn Water Solutions is a
growth-oriented, pure-play water business that designs, procures,
manufactures, and markets what we believe is the broadest
sustainable product portfolio of solutions to improve health, human
safety, and the environment. The Zurn product portfolio includes
professional grade water control and safety, water distribution and
drainage, finish plumbing, hygienic, environmental and site works
products for public and private spaces. Additional information
about the Company can be found at www.zurnwatersolutions.com.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlook, expectations,
beliefs, plans, intentions, strategies or other statements
regarding the future, which are forward-looking statements. These
forward-looking statements involve risks and uncertainties. All
forward-looking statements included in this release are based on
information available to Zurn Water Solutions Corporation as of the
date of the release, and Zurn assumes no obligation to update any
such forward-looking statements. The statements in this release are
not guarantees of future performance, and actual results could
differ materially from current expectations. Numerous factors could
cause or contribute to such differences. Please refer to “Risk
Factors” and “Cautionary Notice Regarding Forward-Looking
Statements” in our Annual Report on Form 10-K for the year ended
December 31, 2021, as well as the Company’s subsequent annual,
quarterly and current reports filed on Forms 10-K, 10-Q and 8-K
from time to time with the Securities and Exchange Commission for a
further discussion of the factors and risks associated with the
business. In addition, our previously announced transaction with
Elkay Manufacturing Company is subject to various risks,
uncertainties and factors including, among others: the inability to
complete the transaction; the inability to recognize the
anticipated benefits of the proposed transaction, including due to
the failure of other closing conditions; and costs related to the
proposed transaction; see also Part I, Item 1A, "Risk Factors" in
the Company's Quarterly Reporting on Form 10-Q for the quarterly
period ended March 31, 2022.
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version on businesswire.com: https://www.businesswire.com/news/home/20220526005524/en/
Investor Relations Dave Pauli, Vice President – Investor
Relations 414-223-7770
Media Relations Angela Hersil, Director – Corporate
Communications 855-480-5050 414-808-0199
Corporate.Communications@zurn.com
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