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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
January 30, 1998
ZURN INDUSTRIES, INC.
IRS Employer
State of Commission Identification
Incorporation File Number Number
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Pennsylvania 1-5502 25-1040754
Address and
Telephone Number
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14801 Quorum Drive
Addison, Texas 75240-7584
972-560-2000
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ITEM 5 - OTHER EVENTS
The Company's news release dated January 30, 1998 announcing that the United
States Bankruptcy Court for the Eastern District of Texas has confirmed the
Chapter 11 bankruptcy Plan of Reorganization filed by United States Brass
Corporation 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.
January 30, 1998 /s/ George W. Hanthorn
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George W. Hanthorn
Vice President-
General Counsel and Secretary
EXHIBIT INDEX
20 Other Documents or Statements to Security Holders
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News Release dated January 30, 1998
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EXHIBIT 20
FOR IMMEDIATE RELEASE
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January 30, 1998
ZURN ANNOUNCES US BRASS REORGANIZATION PLAN CONFIRMATION
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Dallas, TX...Zurn Industries, Inc. (NYSE:ZRN) announced today that the United
States Bankruptcy Court for the Eastern District of Texas has confirmed the
Chapter 11 bankruptcy Plan of Reorganization filed by United States Brass
Corporation (US Brass). Eljer Plumbingware, Inc. (formerly, Eljer
Manufacturing, Inc.), parent corporation of US Brass, and Eljer Industries,
Inc., owner of Eljer Plumbingware and a subsidiary of Zurn, also were proponents
of the Plan.
The confirmed Plan establishes the Brass Trust to pay claims related to US Brass
polybutylene plumbing systems. The Brass Trust will be funded by an amount
equal to any amounts US Brass and the Eljer entities eventually recover from
their insurance carriers, and approximately $53.4 million in cash and a $20
million noninterest bearing note payable over ten years. The Plan also provides
for the payment of all other unsecured claims. In connection with confirming
the Plan, the Bankruptcy Court also approved settlements between US Brass, the
Eljer entities, Shell Oil Company and Hoechst Celanese Corporation (each
suppliers of resin used by US Brass in the manufacture of polybutylene plumbing
systems), and the Cox Class, a certified, nationwide class of polybutylene
plumbing claimants.
As a result of the confirmation of the Plan, US Brass will remain a wholly-owned
subsidiary of Eljer Plumbingware and future claims related to polybutylene
plumbing against US Brass, Eljer Plumbingware and Eljer Industries will be
enjoined and channeled to the Brass Trust.
Commenting on the Court's decision, Chairman Robert R. Womack said: "We are
delighted by the decision of the Bankruptcy Court. The Plan of Reorganization
that the Court confirmed contains the same financial terms on which Zurn made
the decision to acquire Eljer Industries in December 1996. We are pleased that
this event is behind us and we look forward to fully integrating US Brass into
the Zurn operations."
It is expected that the Bankruptcy Court will sign the Confirmation Order next
week and that the Plan of Reorganization will become effective prior to March
31, 1998.
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Contact: Steve Adams
ZURN INDUSTRIES, INC.
Dallas, TX 972/560-2306
