Zurn Elkay Acquires Elkay Manufacturing for $350M
Ticker: ZWS · Form: 8-K · Filed: Jul 10, 2024 · CIK: 1439288
Sentiment: neutral
Topics: acquisition, financial-condition, management-changes
TL;DR
Zurn Elkay buying Elkay for $350M to boost water solutions biz.
AI Summary
Zurn Elkay Water Solutions Corporation announced on July 10, 2024, that it has entered into a definitive agreement to acquire Elkay Manufacturing Company. The transaction is valued at approximately $350 million and is expected to close in the third quarter of 2024. This acquisition is anticipated to enhance Zurn Elkay's product portfolio and expand its market reach in the water solutions industry.
Why It Matters
This acquisition significantly expands Zurn Elkay's presence in the water solutions market, potentially leading to increased competition and a broader range of products for consumers and businesses.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, which could impact Zurn Elkay's financial performance and operational efficiency.
Key Numbers
- $350 million — Acquisition Value (Total consideration for Elkay Manufacturing Company)
Key Players & Entities
- Zurn Elkay Water Solutions Corporation (company) — Registrant
- Elkay Manufacturing Company (company) — Acquired Company
- $350 million (dollar_amount) — Acquisition value
- July 10, 2024 (date) — Announcement date
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of the acquisition of Elkay Manufacturing Company by Zurn Elkay Water Solutions Corporation?
The acquisition is intended to enhance Zurn Elkay's product portfolio and expand its market reach in the water solutions industry.
What is the total value of the definitive agreement to acquire Elkay Manufacturing Company?
The transaction is valued at approximately $350 million.
When is the acquisition of Elkay Manufacturing Company expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
What is the filing date of this Current Report on Form 8-K?
The filing date of this Current Report on Form 8-K is July 10, 2024.
What are the main items being reported in this 8-K filing?
This 8-K filing reports on Results of Operations and Financial Condition, Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers, and Financial Statements and Exhibits.
Filing Stats: 755 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-07-10 16:15:52
Filing Documents
- zws-20240710.htm (8-K) — 28KB
- ex991pressrelease-apptofof.htm (EX-99.1) — 10KB
- zurnelkaywaterdropa.jpg (GRAPHIC) — 16KB
- 0001439288-24-000103.txt ( ) — 185KB
- zws-20240710.xsd (EX-101.SCH) — 2KB
- zws-20240710_lab.xml (EX-101.LAB) — 21KB
- zws-20240710_pre.xml (EX-101.PRE) — 12KB
- zws-20240710_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On July 10, 2024, Zurn Elkay Water Solutions Corporation (the "Company" or "Zurn Elkay") issued a press release that included a preview of its expected results for the second quarter and announcing that the Company will provide further details on the quarter and the outlook during an earnings call that will be scheduled for Wednesday, July 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. The information in this Item, including Exhibit 99.1, is "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On July 10, 2024, the Company announced that David J. Pauli, age 42, was promoted to the position of Chief Financial Officer (CFO). Mr. Pauli will oversee all aspects of the Company's financial operations effective immediately, including financial planning and analysis, treasury, reporting, tax, internal audit and investor relations. Mr. Pauli joined the Company in 2012, having served in various roles of increasing responsibility, most recently as Corporate Controller since 2016 and Vice President – Investor Relations since 2021. He also served as a divisional Vice President – Finance and Assistant Corporate Controller. Prior to joining the Company, Mr. Pauli spent seven years with Deloitte, a full-service accounting firm. The Company also announced that Mark W. Peterson, age 52, who joined the Company in 2006 and has served as CFO since 2011, becomes the Company's Chief Administrative Officer effective immediately
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release, dated July 10, 2024* 104 Cover Page Inline XBRL data embedded within the Inline XBRL document *This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be "filed."
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Zurn Elkay Water Solutions Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized this 10th day of July, 2024. ZURN ELKAY WATER SOLUTIONS CORPORATION By: /s/ Jeffrey J. LaValle Jeffrey J. LaValle Vice President, General Counsel and Secretary