Rexnord LLC announced December 21 that its affiliate Zurn Industries LLC has entered into a definitive agreement to acquire the stock of GA Industries Inc. for a cash purchase price of $76 million. The acquisition is expected to close in the first calendar quarter of 2008 and will expand Rexnord’s strategic water management platform, which was created with the company’s acquisition of Zurn Industries in February 2007. Rexnord anticipates funding the acquisition within its existing credit facilities.
The acquisition further expands Zurn’s presence in water and wastewater markets in municipal, hydropower and industrial environments. GA Industries (GAI), which includes the Rodney Hunt Company, manufactures automatic control valves, check valves, gate valves and other engineered flow control products. GAI is based in Cranberry,
Alex P. Marini, president and CEO of Rexnord’s Water Management Group, said, “The addition of GAI and the Rodney Hunt Company will greatly expand and enhance our water management portfolio and make Zurn Industries the preeminent provider of engineered water management solutions.”
Mike Colton, CEO of GA Industries, stated, “The merger provides our customers, distributors and employees with the additional strength and resources of Rexnord and Zurn. The newly combined product line greatly enhances the scope of products available to our customers”
Bob Hitt, Rexnord president and CEO, said, “We are pleased to welcome GAI and Rodney Hunt to Rexnord and Zurn. The rich histories of the companies, coupled with their long standing traditions of product design and customer satisfaction, are valuable complements to our water management platform.”
