Zurn Industries to acquire Canadian company
Milwaukee-based Rexnord LLC announced that Zurn Industries LLC, its wholly owned water management subsidiary, has entered into a definitive agreement to acquire the stock of Fontaine-Alliance Inc. and affiliates.
The acquisition is expected to close in the first calendar quarter.
Fontaine manufactures sluice gates and other engineered flow control products for the municipal water and wastewater markets. Fontaine is based in Magog, Quebec, Canada. Fontaine employs approximately 185 employees.
Rexnord anticipates funding the acquisition from existing cash balances and/or its existing credit facilities.
Fontaine will expand Rexnord’s strategic water management platform, which was created with the company’s acquisition of Zurn in February 2007. The acquisition further expands Zurn’s presence in the municipal water and wastewater markets, both domestically and internationally, along with providing a product offering that is complementary with Zurn’s recent acquisition of GA Industries Inc, which closed in January 2008.
Alex Marini, president and chief executive officer of Rexnord’s Water Management Group, said, "We are extremely pleased with the acquisition of Fontaine. Fontaine is a well-managed company with a strong brand name."
Andre Fontaine, CEO of Fontaine-Alliance Inc. said, "The merger provides Fontaine the opportunity to grow in our markets even further by leveraging the size and performance of Rexnord and Zurn. We are excited to be part of Rexnord’s Water Management business, which will greatly enhance the scope of products available to our customers."
Bob Hitt, president and CEO of Rexnord, said, "The addition of Fontaine serves as a complement to our existing water management business, and also strengthens our dedication to expanding valuable components of our water management platform."
Falls Chamber honors Tailored Label Products
Tailored Label Products Inc. is the recipient of the Menomonee Falls Community Chamber’s Business of the Year Award.
The organization also gave its President’s Award to Chad Johnson of Johnson’s Nursery Inc., its Community Betterment Award to the Village Centre of Menomonee Falls and its Chairperson of the Year Award to E. Erik Gauger of UBS Financial Services Inc.
The awards were presented at the chamber’s annual banquet at Davians Banquet & Conference Center.
Patrick Yates, owner of Fastsigns, has been named the new president of the Menomonee Falls Community Chamber. Yates has been an active member of the chamber, serving on many committees and most recently serving as president-elect during 2008.
Joining Yates on the executive committee of the chamber for 2009 are: president-elect Sal Zizzo, owner of Trysting Place Pub; vice president Mary Metzger of Cornerstone Community Bank; treasurer Scott Farrow, owner of Farrow & Associates; and immediate past president Bill Nordstrom, owner of William Nordstrom Jewelers.
