MILWAUKEE —Rexnord Corporation announced Dec. 4 that it has entered into a definitive agreement to acquire Hadrian Inc., a provider of washroom partitions and lockers, which will enable its Water Management platform’s Zurn business to offer building owners a complete washroom solution and accelerate its strategy of being the leading provider of smart building solutions. Subject to customary closing conditions, the transaction is expected to close by the end of December.
“We are executing within each pillar of our enhanced capital allocation strategy this quarter as we augment our increased organic growth investments with the strategic addition of Hadrian, our resumed repurchase activity, and our common stock dividend while maintaining our financial leverage near the lower end of our targeted range,” commented Todd Adams, Chair, President and CEO of Rexnord.
“We are pleased to welcome Hadrian into Rexnord’s Water Management platform,” said Craig Wehr, Group President of Zurn. “With their passion for serving customers, market leading products and innovative technology, Hadrian brings a highly complementary culture and can build on Zurn’s substantial competitive advantages to expand our combined growth opportunities.”
Founded in 1983, Hadrian has expanded over the years to include four state-of-the-art North American facilities, while developing innovations such as enhanced washroom privacy options and anti-graffiti finishes.
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 6,400 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. Additional information about the Company can be found at www.rexnordcorporation.com.
