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Milwaukee-based U.S. water systems solutions company Zurn Water Solutions Corp. said Feb. 14 it has reached an agreement with Elkay Manufacturing Co. to acquire Elkay in an all-stock transaction. Zum Water Solutions stock closed Feb. 14 at Zurn Water Solutions stock closed at $33.40 on Feb. 14, op 12.1 percent from its Feb. 11 closing price.
Elkay is valued at $1.56 milliard (Cirka RMB 9.888 milliard). Upon closing of the transaction this summer, Zurn (NYSE: ZWS) will change its name to Zurn Elkay Water Solutions, and upon closing, Zurn Water Solutions shareholders will own approximately 71 percent of the combined company, while Elkay shareholders will own approximately 29 percent of the combined company.
Todd Adams, chairman and CEO of Zurn, said the acquisition marks an important step toward Zurn’s goal of doubling its size in the next few years. Det er også virksomhedens største træk til dato, siden Zurn Water Solutions forlod sit søsterselskab, Rexnord, at blive selvstændig.
Grundlagt i 1920, Aiken has been family-owned and operated and is the largest stainless steel sink company in the United States. Dets produktudbud er udvidet til at omfatte vaske, vandhaner, vandkølere, drikkefontæner og bolig- og storkøkken- og badeprodukter. Aiken’s brands include Elkay, Dayton og Halsey Taylor, og virksomheden har faciliteter i USA, Kina og Mexico.
Elkay (Kina) blev etableret i 2005, and it has a registered capital of 110 millioner yuan. It has a manufacturing base in Zhuhai, Guangdong, and branch offices in Beijing, Shanghai og Shenzhen.
Adams said the merger of the two companies will provide a suite of innovative, water-specific solutions for water safety, water quality and water conservation in key markets such as education and healthcare. The combined company will continue to trade on the New York Stock Exchange under the ticker symbol ZWS and will be headquartered in Milwaukee. Virksomheden vil også opretholde aktiviteter i Chicago-området, where Aiken is located.
