Zurn Water Solutions Completes Combination with Elkay Manufacturing; Creates Unrivaled Leader in Sustainable Water Solutions
July 01 2022 - 9:54AM
Business Wire
Zurn Water Solutions Corporation (NYSE: ZWS) announced today
that it completed the previously announced combination with Elkay
Manufacturing Company, a market leader of commercial drinking water
solutions.
“The addition of Elkay is part of our ongoing strategy as a pure
play water business to create significant value for our
stakeholders,” said Todd A. Adams, Chairman and CEO of Zurn Elkay
Water Solutions. “This combination brings together two iconic
brands that serve the same end markets with complementary products,
shared values and cultures – ultimately creating an unrivaled
portfolio of water solutions in North America. Planning teams have
worked to prepare for a smooth integration, and we remain confident
in our ability to deliver on $50 million of synergy opportunities.
Together we can provide customers the capability to advance their
sustainability initiatives while reducing their initial and
operating costs and providing a hygienic environment for the
end-user.”
Transaction Structure
Under the terms of the transaction agreements, subject to
certain holdbacks and post-closing adjustments, the merger
consideration to Elkay shareholders consisted of approximately 51.6
million shares of Zurn common stock, which results in former Elkay
shareholders owning approximately 29% of the combined company.
Following the closing of the transaction, Zurn changed its legal
name from Zurn Water Solutions Corporation to Zurn Elkay Water
Solutions Corporation. Zurn Elkay common stock will continue to
trade on the New York Stock Exchange under the ticker symbol
“ZWS.”
Zurn Elkay Water Solutions will continue to be led by the
existing Zurn Water Solutions Board of Directors with the addition
of two new directors who currently serve on the Elkay Board of
Directors. The combined company is headquartered in Milwaukee,
Wisconsin, and Todd Adams remains Chairman and Chief Executive
Officer.
Website
In conjunction with the new company name, Zurn Elkay Water
Solutions launched a new company website www.Zurn-Elkay.com.
About Zurn Elkay Water Solutions
Headquartered in Milwaukee, Wisconsin, Zurn Elkay 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 Elkay product
portfolio includes professional grade water control and safety,
water distribution and drainage, drinking water, finish plumbing,
hygienic, environmental and site works products for public and
private spaces. Visits www.zurn-elkay.com for additional
information about the Company.
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 upon
information available to Zurn Elkay Water Solutions Corporation as
of the date of the release, and Zurn Elkay Water Solutions
Corporation 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 the
Company’s Form 10-K for the period ended December 31, 2021 as well
as the Company’s annual, quarterly and current reports filed on
Forms 10-K, 10-Q and 8-K from time to time with the SEC for a
further discussion of the factors and risks associated with the
business.
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005882/en/
Investor Relations: Dave Pauli, Vice President – Investor
Relations 414-223-7770
Media Relations Zurn: Angela Hersil, Director – Corporate
Communications 855-480-5050 414-808-0199
Corporate.Communications@zurn.com
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