Rexnord (NYSE: RXN) today announced that it has acquired the assets of LWG Specialised Plumbing Products (LWG) from Hills Holdings Limited (ASX: HIL). LWG is a leading Australia-based provider of plumbing solutions for the non-residential construction market and has been a distributor of select Zurn brand products for over 20 years. LWG has six warehouse locations throughout Australia and annual sales of approximately $14 million (USD). LWG distributes stainless steel fixtures, tapware, back flow prevention devices, pressure reducing valves and flushing systems.
“We are excited to acquire LWG after a 20-year relationship with them as a distributor in the Australian market,” said Craig Wehr, President, Zurn Industries, LLC. “The acquisition allows us to further penetrate the non-residential construction market by expanding the portfolio of Zurn products sold in Australia as well as giving us access to key LWG distributed products to complement the existing Zurn offering in North America. With coverage throughout the Australian continent, the acquisition of LWG is a perfect fit for Zurn and provides a unique opportunity to continue to grow our business globally.”
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 7,300 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. For more information, visit www.rexnord.com.About Zurn A leading brand of Rexnord, Zurn Industries, LLC manufactures a wide range of engineered water solutions, including a diverse offering of plumbing products, and is a recognized leader in commercial, municipal and industrial markets. Zurn delivers total building solutions for new construction and retrofit applications that enhance building environments. For more information, visit www.zurn.com. Cautionary Statement on Forward-Looking Statements Information in this release may involve outlooks, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Rexnord as of the date of the release, and Rexnord assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors, such as Rexnord's ability to integrate the LWG business and operations into Rexnord and the potential disruptions inherent in any acquisition, could cause or contribute to such differences. Please refer to "Risk Factors" and "Cautionary Notice Regarding Forward-Looking Statements" in Rexnord's Form 10-K for the fiscal year ended March 31, 2013 as well as Rexnord's annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business.
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