Today Rexnord (NYSE: RXN) announced that it has acquired Green Turtle Technologies Ltd., Green Turtle Americas Ltd. and Filamat Composites Inc. (collectively “Green Turtle”). Based in Toronto, Ontario, and Charlotte, North Carolina, Green Turtle serves the North American market and has annual sales of approximately $18 million (USD).
Green Turtle ® is a leading provider of wastewater pretreatment solutions for commercial, institutional and industrial applications. With 20 years of experience in effluent water management and environmental problem-solving, the company’s technology and expertise help customers meet sanitary sewer regulations while protecting the environment, public health and communities. It will operate as part of Zurn Industries, LLC, a leading provider of commercial plumbing products within the Rexnord Water Management platform.
“Zurn is excited about the addition of Green Turtle and its position as a market leader, giving us the ability to offer another environmentally friendly solution to customers,” said Craig Wehr, President, Zurn. “Green Turtle’s Proceptor ™ and Retroceptor ™ products provide an excellent complement to the existing Zurn offering.”
The patented line of Green Turtle products addresses rapidly developing needs for outdoor interceptors and supports the Zurn growth strategy to increase total content in non-residential construction and retrofit applications. Aligning the brand strength of Zurn and Green Turtle, and leveraging combined sales channel capabilities, enables expanded access into current and adjacent markets.About Rexnord Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 7,400 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. 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.rexnord.com and 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 acquired 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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