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Milwaukee-based U.S. water systems solutions company Zurn Water Solutions Corp. said Feb. 14 it has reached an agreement with Elkay Manufacturing Co. to acquire Elkay in an all-stock transaction. Zum Water Solutions stock closed Feb. 14 at Zurn Water Solutions stock closed at $33.40 on Feb. 14, nce 12.1 percent from its Feb. 11 closing price.

Elkay is valued at $1.56 billion (approximately RMB 9.888 billion). Upon closing of the transaction this summer, Zurn (NYSE: ZWS) will change its name to Zurn Elkay Water Solutions, and upon closing, Zurn Water Solutions shareholders will own approximately 71 percent of the combined company, while Elkay shareholders will own approximately 29 percent of the combined company.

Todd Adams, chairman and CEO of Zurn, said the acquisition marks an important step toward Zurn’s goal of doubling its size in the next few years. It is also the company’s largest move to date since Zurn Water Solutions exited its sister company, Rexnord, to become independent.

Founded in 1920, Aiken has been family-owned and operated and is the largest stainless steel sink company in the United States. Its product offerings have expanded to include sinks, faucets, water coolers, drinking fountains and residential and commercial kitchen and bath products. Aiken’s brands include Elkay, Dayton and Halsey Taylor, and the company has facilities in the United States, China and Mexico.

Elkay (Tuam Tshoj) was established in 2005, and it has a registered capital of 110 lab yuan. It has a manufacturing base in Zhuhai, Guangdong, and branch offices in Beijing, Shanghai and Shenzhen.

Adams said the merger of the two companies will provide a suite of innovative, water-specific solutions for water safety, water quality and water conservation in key markets such as education and healthcare. The combined company will continue to trade on the New York Stock Exchange under the ticker symbol ZWS and will be headquartered in Milwaukee. The company will also maintain operations in the Chicago area, where Aiken is located.