Rexnord Corp. (NYSE: RXN), Milwaukee, Wisconsin, announced that it has agreed to acquire Hadrian Inc., a provider of washroom partitions and lockers. Financial terms of the deal weren’t disclosed.
The addition will enable Rexnord’s Zurn business, its water management platform, to offer building owners a complete washroom solution and “accelerate its strategy of being the leading provider of smart building solutions,” the company said.
“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,” said Todd Adams, Chair, President and CEO of Rexnord.
Added Craig Wehr, group president of Zurn: “We are pleased to welcome Hadrian into Rexnord’s Water Management platform. 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.”