Zurn Elkay Water Solutions Corporation Announces Divestiture
December 15 2023 - 4:34PM
Business Wire
Zurn Elkay Water Solutions Corporation (“Zurn Elkay”) (NYSE:
ZWS) announced that it divested four wholly-owned subsidiaries that
hold asbestos liabilities and related assets and certain other
assets and liabilities, to Zilco Holdings, Inc. (“Zilco Holdings”).
The four divested subsidiaries are Zurn Industries, LLC, OEI, LLC,
OEP, LLC and Krikles, Inc.
As a result of the divestiture, all asbestos liabilities and
related insurance assets will not be included in Zurn Elkay’s
consolidated year-end 2023 balance sheet.
Existing employees, customers and vendors of Zurn Elkay will
experience no change in their business interactions with Zurn Elkay
as a result of the divestiture.
About Zurn Elkay
Headquartered in Milwaukee, Wisconsin, Zurn Elkay Water
Solutions is a growth-oriented, pure-play water management business
that designs, procures, manufactures, and markets what we believe
to be the broadest sustainable product portfolio of
specification-driven water management solutions to improve health,
human safety and the environment. Zurn Elkay’s product portfolio
includes professional grade water safety and control products, flow
system products, hygienic and environmental products, and drinking
water products for public and private spaces that deliver superior
value to building owners, positively impact the environment and
human hygiene and reduce product installation time. Additional
information about Zurn Elkay Water Solutions can be found at
www.zurnelkay.com.
About Zilco Holdings
Zilco Holdings is an entity specializing in real estate and the
management of asbestos and other legacy liabilities and related
corporate assets. Zilco Holdings is an affiliate of Financial Asset
Recovery Analytics, LLC (“FARA Recovery”), a leader in solutions
for companies holding contingent and legacy liabilities. For more
information, please visit www.fararecovery.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 Elkay Water Solutions as of the date
of this release, and Zurn Elkay Water Solutions 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 Zurn Elkay’s report
on Form 10-K for the period ended December 31, 2022, as well as
Zurn Elkay’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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231215106151/en/
Investor Relations: Dave Pauli, Vice President – Investor
Relations 414-223-7770
Media Relations: Angela Hersil, Vice President –
Corporate Communications 855-480-5050 414-808-0199
Corporate.Communications@zurn.com
Zurn Elkay Water Solutions (NYSE:ZWS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Zurn Elkay Water Solutions (NYSE:ZWS)
Historical Stock Chart
From Oct 2023 to Oct 2024