Rexnord to Acquire GA Industries
Rexnord affiliate Zurn Industries to acquire GA Industries for $76M
Rexnord, LLC announced that its affiliate, Zurn Industries, LLC, has entered into a definitive agreement to acquire the stock of GA Industries, Inc. (GAI) 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 expands Zurn’s presence in water and wastewater markets in municipal, hydropower and industrial environments. GAI, which includes the Rodney Hunt Co., manufactures automatic control valves, check valves, gate valves and other engineered flow control products. GAI is based in Cranberry, Pa., and also has a facility in nearby Mars, Pa. The Rodney Hunt Co. is located in Orange, Mass. GAI and Rodney Hunt employ nearly 300 employees with annual sales of approximately $60 million.
“The addition of GAI and the Rodney Hunt Co. will greatly expand and enhance our water management portfolio and make Zurn Industries the preeminent provider of engineered water management solutions,” said Alex P. Marini, president and CEO of Rexnord’s Water Management Group.