Zurn Water Solutions Corporation and Elkay Manufacturing Company have reached a definitive agreement to combine the businesses in an all-stock transaction. Upon completion of the transaction, Zurn Water Solutions shareholders will own approximately 71% and Elkay shareholders will own approximately 29% of the combined and newly named company – Zurn Elkay Water Solutions Corporation.
Elkay has been family owned since it was founded in 1920 and has been making innovative products and delivering exceptional customer service for over 100 years. Headquartered in Illinois, Elkay has similar midwestern core values as Zurn. While the business started in sinks, their continued innovation and growth has led them to being a market leader in drinking water as well as sinks in residential and commercial settings.
Upon closing, the combined company will continue to be led by the existing Zurn Water Solutions board of directors with the addition of two new directors who serve on the Elkay board of directors. Todd Adams will remain chairman and CEO, Craig Wehr will remain president of Zurn Water Solutions and Ted Hamilton will remain president of Elkay Plumbing.
The combined company will continue to trade under the ticker NYSE: ZWS. It will be headquartered in Milwaukee, Wisconsin and will continue to maintain a presence in the Chicago area where Elkay is headquartered.