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Acquisition expected to close in first calendar quarter of 2009
Rexnord, LLC has announced that Zurn Industries, LLC, its wholly-owned water management subsidiary, entered into a definitive agreement to acquire the stock of Fontaine-Alliance, Inc. and affiliates for a cash purchase price of $30 million Canadian dollars. The acquisition is expected to close in the first calendar quarter of 2009. Fontaine manufactures sluice gates and other engineered flow control products for the municipal water and wastewater markets, and is based in Magog, Quebec, Canada.
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 P. Marini, president and CEO 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., stated, “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 chief executive officer of Rexnord, LLC, 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.”