Zurn Water Solutions Corporation 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.

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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.

Source: Zurn Elkay Water Solutions