Milwaukee-based Rexnord Corp. has acquired Berkeley, Illinois-based World Dryer Corp., an electric hand dryer manufacturer with a significant market share. The acquisition price has not yet been disclosed.
[caption id="attachment_318724" align="alignright" width="395"] The Zurn headquarters in Milwaukee's Reed Street Yards.[/caption]
World Dryer has about $20 million in annual revenue, Rexnord said. The company has the largest installed commercial electric hand dryer product base in the world, and about 800 global distributors. It also makes commercial hair dryers and baby changing stations.
The business will be integrated with Rexnord’s Zurn Industries LLC business, which is based in Milwaukee’s Reed Street Yards. The combination will bring together Zurn’s water-efficient plumbing products and World Dryer’s energy-saving hand dryers, catering to commercial building owners.
In addition to its water management products, which target water quality, safety, flow control and conservation, Rexnord manufactures process and motion control products used in complex systems. It has about 8,000 global employees. Rexnord reported $74.1 million in net income and $1.9 billion in revenue in fiscal 2017, and is in the process of restructuring its operations.