Zurn Industries has agreed to buy Eljer Industries.
Zurn Industries Inc., Erie, PA, has agreed to buy Eljer Industries Inc., Dallas, TX, paying $24 in cash a share for all of Eljer’s roughly 7.2 million shares outstanding. “The acquisition of Eljer fits perfectly with Zurn’s strategic focus on plumbing products and the growth of those businesses,” said Robert R. Womack, Zurn chairman and CEO. “Eljer’s products and markets are very complementary with those of Zurn and we believe the combined business has significant advantages.”
Manufacturers of plumbing and fire protection products to the specifying engineer, Zurn reported 1996 revenues of $421 million. Eljer is a leading manufacturer of residential and commercial plumbing, heating and ventilation products with 1995 revenues totaling $397.4 million. Eljer’s U.S. Brass Corp. subsidiary is operating under Chapter 11 bankruptcy protection and last month filed its third amended reorganization plan.