FORM 8-K
CURRENT REPORT
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 24, 1996
ZURN INDUSTRIES, INC.
IRS Employer
State of Commission Identification
Incorporation File Number Number
Pennsylvania 1-5502 25-1040754
Address and
Telephone Number
One Zurn Place
Erie, Pennsylvania 16505
814-452-2111
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ITEM 5 - OTHER EVENTS
The Company's news release dated April 23, 1996 announcing the intention to
sell its Lynx Golf and Mechanical Power Transmission businesses is
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
ZURN INDUSTRIES, INC.
April 24, 1996 /s/ Dennis Haines
Dennis Haines
General Counsel and Secretary
EXHIBIT INDEX
20 Other Documents or Statements to Security Holders
News Release dated April 23, 1996
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EXHIBIT 20
FOR IMMEDIATE RELEASE
April 23, 1996
ZURN INDUSTRIES TO SELL ITS LYNX GOLF
AND MECHANICAL POWER TRANSMISSION BUSINESSES
Erie, PA...Following a meeting of its Board of Directors, Zurn Industries,
Inc. (NYSE:ZRN) announced today that it intends to sell its Lynx Golf and
Mechanical Power Transmission businesses.
Zurn also stated that it had retained BT Securities Corporation of New York to
assist in the sale of its Lynx Golf business. In addition, Zurn said that it
had sold its interest in Unifiber Corporation, a supplier of graphite shafts
to the golf industry, and that it had agreed to sell the Lynx foundry in
Dayton, NV to a non-golf manufacturer in a cash transaction.
Zurn stated that it had decided to sell its Mechanical Power Transmission
business following receipt of an unsolicited offer. With revenues of over $40
million Zurn's Mechanical Power Transmission business includes Mechanical
Drives Division and Bay City Forge of Erie, PA, Marland Clutch of LaGrange, IL
and Centric Clutch of Woodbridge, NJ.
Commenting on these actions, Zurn Chairman and CEO Robert R. Womack said, "In
view of the considerable consolidation in the mechanical power industry, we
concluded that Zurn had to be either a buyer or seller. Furthermore, given
Zurn's breadth of business activities and other investment priorities, we
concluded that it was in the best interest of our shareholders and employees
that we sell the Mechanical Power Transmission business."
Regarding Lynx Golf, Womack commented, "With our efforts to turn around the
fortunes of Lynx Golf showing continued promise, we felt that now was the time
for Lynx to stand on its own and for Zurn to focus on its core industrial
businesses. In January of 1995, Lynx introduced its new technically advanced
Black Cat irons with considerable success. During the past year Lynx has
rebuilt its distribution system. In January 1996, Lynx introduced a new line
of Black Cat metal woods in both titanium and steel with strong market
response. These actions together with the cost benefits of exiting its
foundry operations should enable Lynx to move forward as a viable entity.
...more...
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Zurn Industries, Inc.
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"Overall these actions will reduce Zurn's business segments from four to two,
facilitate the focus of management attention and resources on core businesses
and provide additional funds for investment in core business segments, namely
Water Control and Power Systems.
"We expect that today's actions will require only a small charge to fiscal
1996 fourth quarter earnings which will be announced as previously scheduled
on May 16."
Zurn Industries, Inc. is a leading designer, constructor and manufacturer of
systems and equipment for power generation, water control and mechanical power
transmission, and Lynx golf equipment.
* * * * * *
Contact: Steve Adams
ZURN INDUSTRIES, INC.
Erie, PA 814/452-2111
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