Zurn Elkay Water sells subsidiaries with asbestos liabilities to Zilco Holdings
Zurn Elkay Water Solutions Corporation, a leading Milwaukee-based company in sustainable water management, recently announced the divestiture of four wholly-owned subsidiaries to Zilco Holdings, Inc. This significant move involves transferring subsidiaries with asbestos liabilities and related assets to Zilco Holdings, an entity specializing in the management of such liabilities.
Strategic Realignment of Business Assets
The divested subsidiaries include Zurn Industries, LLC, OEI, LLC, OEP, LLC, and Krikles, Inc. This strategic decision will result in the exclusion of all asbestos liabilities and related insurance assets from Zurn Elkay’s consolidated year-end 2023 balance sheet. The divestiture marks a pivotal step in Zurn Elkay’s ongoing efforts to streamline its business operations and focus on its core strengths.
Zurn Elkay Water Solutions Announces Divestiture of Subsidiaries to Zilco Holdings
Impact on Zurn Elkay’s Stakeholders
This divestiture will not affect the existing employees, customers, and vendors of Zurn Elkay. Business interactions with the company will remain unchanged, ensuring continuity and stability for all stakeholders involved.
Zurn Elkay’s Commitment to Sustainable Water Management
Headquartered in Milwaukee, Wisconsin, Zurn Elkay Water Solutions is committed to providing a broad range of sustainable water management solutions. Their product portfolio spans professional-grade water safety and control products, flow system products, hygienic and environmental products, and drinking water solutions. Zurn Elkay’s products are designed to enhance human safety, health, and environmental protection while reducing installation time and offering superior value.
Zilco Holdings’ Specialization in Legacy Liabilities
Zilco Holdings, the acquiring entity, is an affiliate of Financial Asset Recovery Analytics, LLC (FARA Recovery). FARA Recovery is recognized for its expertise in managing contingent and legacy liabilities. Zilco Holdings’ specialization in real estate and asbestos liability management makes it a suitable recipient for these divested subsidiaries.