Zurn Water Solutions Corp (NYSE:ZWS) shares are trading higher by 10.2% at $32.82 Monday afternoon after the company announced a merger with Elkay Manufacturing.
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.
“This transaction is a true game-changer as we create an even stronger pure play water company by combining with the iconic brand, Elkay,” said Todd A. Adams, Chairman and CEO of Zurn Water Solutions.
“The combination puts us well on our way to doubling the size of the business over the next couple of years while enhancing our competitive advantage within specified water solutions. We also add the high-growth, and increasingly essential, drinking water sector in our portfolio and have a clear path to capitalize on the significant synergies the combination will generate," Adams stated.
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Zurn Water Solutions has a 52-week high of $38.32 and a 52-week low of $20.56.
