What changed in this filing

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Item 1. Business

2022-02-09 compared with 2020-05-12 · 149 added, 228 removed, 54 unchanged (87% of the section changed)

Rexnord Corporation, a Delaware corporation incorporated in 2006, is a growth-oriented, multi-platform industrial company with what we believe are leading market shares and highly-trusted brands that serve a diverse array of global end markets.

We currently operate our business in two strategic platforms — Process & Motion Control and Water Management, both of which have expanded significantly by means of acquisitions of other companies or operations;

see "Acquisitions and Divestitures" below for further information as to recent transactions.

Our heritage of innovation and specification have allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders.

We operate our Company in a disciplined way and the Rexnord Business System ("RBS") is our operating philosophy.

Grounded in the spirit of continuous improvement, RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.

Our strategy is to build the Company around global strategic platforms that participate in end markets with sustainable growth characteristics where we are, or have the opportunity to become, the industry leader.

We have a track record of acquiring and integrating companies and expect to continue to pursue strategic acquisitions within our existing platforms that will expand our geographic presence, broaden our product lines and allow us to move into adjacent markets.

Over time, we may add strategic platforms to our Company.

We believe that we have one of the broadest portfolios of highly engineered, mission and project-critical Process & Motion Control products for industrial, consumer goods and aerospace applications worldwide.

Our Process & Motion Control portfolio includes products and services used to safely, reliably and efficiently solve a wide range of demanding process and discrete automation and motion control applications.

Our Water Management platform is a leader in the multi-billion dollar, specification-driven, commercial and institutional construction market for water management products and, to a lesser extent, the municipal water and wastewater treatment and residential construction markets.

Our Water Management product portfolio includes building and site water management solutions that enhance water quality, safety, flow control and conservation.

Our products are generally "specified" or requested by end users across both of our strategic platforms as a result of our products’ reliable performance in demanding environments, our custom application engineering capabilities and our ability to provide global customer support.

Typically, our Process & Motion Control products are initially incorporated into products sold by original equipment manufacturers ("OEMs") or sold to end users as critical components in large, complex systems where the cost of failure or downtime is high, and thereafter replaced through industrial distributors as they are consumed or require replacement.

The demand for our Water Management products is primarily driven by new commercial and institutional building construction, the retrofit of existing structures (to make them more energy and water efficient) and, to a lesser extent, new infrastructure and residential construction.

We believe we have become a market leader in the industry by developing innovative products that meet the stringent third-party regulatory, building, and plumbing code requirements and by subsequently achieving specification of our products into projects and applications.

We are led by an experienced, high-caliber management team that employs RBS as a proven operating philosophy to drive excellence and world-class performance in all aspects of our business by focusing on the "Voice of the Customer" process and ensuring superior customer satisfaction.

Our footprint encompasses 46 principal Process & Motion Control manufacturing, warehouse, and repair facilities and 17 principal Water Management manufacturing and warehouse facilities located around the world which allow us to meet the needs of our increasingly global customer base as well as our distribution channel partners.

Unless otherwise noted, "Rexnord," "we," "us," "our" and the "Company" means Rexnord Corporation and its consolidated subsidiaries.

Fiscal years presented in this report prior to and including fiscal year 2020 refer to the period from April 1 until March 31 of the corresponding calendar year.

For example, our fiscal year 2020, or fiscal 2020, means the period from April 1, 2019 to March 31, 2020.

Following the end of fiscal 2020, as previously announced, we are transitioning to a December 31 fiscal year-end date.

The nine-month period from April 1, 2020, to December 31, 2020, will serve as a transition period, and we will provide one-time, nine-month transitional financial statements in a transition report on Form 10-K to be filed in 2021.

Prior to filing the transition report, we will continue to report our quarterly financial results on Form 10-Q.

Our fiscal year 2021 will commence on January 1, 2021.

RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.

RBS is based on the following principles:

As previously disclosed, on October 4, 2021, Zurn Water Solutions Corporation (formerly known as Rexnord Corporation) (“Zurn,” "we," "us," "our," or the “Company”) completed a Reverse Morris Trust tax-free spin-off transaction (the “Spin-off Transaction”) in which (i) substantially all the assets and liabilities of our Process & Motion Control business were transferred to a newly created subsidiary, Land Newco, Inc.

(“Land”), (ii) the shares of Land were distributed to our stockholders pro rata, and (iii) Land was merged with a subsidiary of Regal Rexnord Corporation (formerly known as Regal Beloit Corporation), in which the stock of Land was converted into a certain number of shares of Regal Rexnord Corporation in accordance with the exchange ratio.

Following completion of the Spin-Off Transaction, we changed our name to “Zurn Water Solutions Corporation” and the ticker symbol for our shares of common stock trading on the New York Stock Exchange was changed to “ZWS”.

Prior to the completion of the Spin-Off Transaction our business consisted of two platforms:

Process & Motion Control and Water Management.

The Process & Motion Control platform designed, manufactured, marketed and serviced a comprehensive range of specified, highly-engineered mechanical components used within complex systems.

Following the Spin-Off Transaction, the operating results and financial position of the Process & Motion Control platform are reported as discontinued operations within our consolidated financial statements, as the divestiture represented a strategic shift that had a major impact on our operations and financial results.

After completion of the Spin-Off Transaction, Zurn is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of specification-driven water management solutions to improve health, human safety and the environment.

Our product portfolio includes professional grade water safety and control, flow systems and hygienic and environmental products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time.

Zurn's heritage of innovation and specification have allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders.

We operate in a disciplined way and the Zurn Business System (“ZBS”), described below, is our operating philosophy.

Grounded in the spirit of continuous improvement, ZBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.

Zurn is a leading provider of specification-driven water management solutions to the multi-billion dollar construction market of primarily commercial and institutional buildings and to a lesser extent to the waterworks and multi-family residential construction markets.

Our strategy is to build Zurn around a strategic platform that participates in end markets with sustainable growth characteristics where we are, or have the opportunity to become, the industry leader.

We have a track record of acquiring and integrating companies and expect to continue to pursue strategic acquisitions that will broaden our product lines, allow us to move into adjacent markets and expand our geographic presence.

The demand for our products is primarily driven by new commercial and institutional building construction, the retrofit of existing structures (to make them more energy and water efficient) and, to a lesser extent, new infrastructure and multi-family residential construction.

We believe we have become a market leader in the industry by developing innovative products that meet stringent third-party regulatory, building, and plumbing code requirements and by subsequently achieving specification of our products into projects and applications.

We are led by an experienced, high-caliber management team that employs ZBS as a proven operating philosophy to drive excellence and world-class performance in all aspects of our business, and which includes our "Voice of the Customer" process to promote superior customer satisfaction.

Our physical footprint encompasses 20 principal manufacturing and warehouse facilities located primarily in North America.

ZBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.

ZBS is based on the following principles:

(1) strategy deployment (a long-term strategic planning process that determines annual improvement priorities and the actions necessary to achieve those priorities);

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and (4) a culture that embraces Kaizen, the Japanese philosophy of continuous improvement.

We believe applying RBS can yield superior growth, quality, delivery and cost positions relative to our competition, resulting in enhanced profitability and ultimately the creation of stockholder value.

As we have applied RBS over the past several years, we have experienced improvements in growth, productivity, cost reduction and asset efficiency and believe there are opportunities to continue to improve our performance as we continue to apply RBS.

Our Platforms

Process & Motion Control

Our Process & Motion Control platform designs, manufactures, markets and services a broad range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high.

The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components and related value-added services.

Our products and services are marketed and sold globally under widely recognized brand names, including Rexnord®, Rex®, Addax®, Euroflex®, Falk®, FlatTop®, Cambridge®, Link-Belt®, Omega®, PSI®, Shafer®, Stearns®, Highfield®, Thomas®, Centa® and Tollok™.

We sell our Process & Motion Control products and services into a diverse group of attractive end markets, including food and beverage, aerospace, mining, energy and power generation, cement and aggregates, forest and wood products, agriculture, petrochemical, marine, general industrial and automation applications.

We have established long-term relationships with OEMs and end users serving a wide variety of industries.

As a result of our long-term relationships with OEMs and end users, we have created a significant installed base for our Process & Motion Control products, which are consumed or worn in use and have a relatively predictable replacement cycle.

We believe this replacement dynamic drives recurring maintenance, repair, and operations ("MRO") demand for our products.

We estimate that approximately half of our Process & Motion Control net sales are to distributors, who provide an aftermarket channel to primarily serve OEM and end-user MRO demand generated by the installed base of our products through approximately 2,600 distribution points across 110 countries.

Most of our products are critical components in large scale manufacturing processes, where the cost of component failure and resulting down-time is high.

Many customer facilities have a range of requirements and applications for multiple products across our expansive product portfolio.

We believe our reputation for superior quality, reliability, application expertise, and ability to meet lead time expectations are highly valued by our customers, as demonstrated by their preference to specify and purchase Rexnord products when it is time to replace an installed Rexnord product, or "like-for-like" product replacements.

We believe this replacement dynamic for our products, our focus on capturing first-fit installations, our significant installed base, and our global supply chain and manufacturing footprint enables us to achieve premium pricing, world-class customer satisfaction, recurring revenue generation, and a competitive advantage.

Water Management

Our Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation.

The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products primarily for nonresidential buildings.

Our products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, Green Turtle®, World Dryer®, StainlessDrains.com™ and JUST®.

Over the past century, the businesses that comprise our Water Management platform have established themselves as innovators and leading designers, manufacturers and distributors of highly engineered products and solutions that control the flow, delivery, treatment and conservation of water to the institutional and commercial construction end markets and, to a lesser extent, the infrastructure and residential construction end markets.

Segments of the institutional construction end market include government, healthcare, and education.

Segments of the commercial construction end market include:

lodging, retail, dining, sports arenas and warehouse/office.

Segments of the infrastructure end market include:

municipal water and wastewater and transportation.

Our Water Management products are principally specification-driven and project-critical and typically represent a low percentage of the overall project cost.

We believe these characteristics, coupled with our extensive distribution network, create

a high level of end-user loyalty for our products and allow us to maintain leading market shares in the majority of our product lines.

We believe we have become a market leader in the industry by meeting the stringent country specific regulatory, building, and plumbing code requirements and subsequently achieving specification of our products into projects and applications.

The majority of these stringent testing and regulatory approval processes are completed through the Foundation for Cross-Connection Control and Hydraulic Research at the University of Southern California, the International Association of Plumbing and Mechanical Officials ("IAPMO"), the National Sanitation Foundation ("NSF"), the Plumbing and Drainage Institute ("PDI"), the Underwriters Laboratories ("UL"), Factory Mutual ("FM") and the American Waterworks Association ("AWWA") prior to the commercialization of our products.

Our Water Management platform has an extensive sales and marketing network spanning approximately 30 countries, which consists of approximately 1,200 independent sales representatives across 200 sales agencies.

We believe applying ZBS can yield superior growth, quality, delivery and operating costs relative to our competition, resulting in enhanced profitability and ultimately the creation of stockholder value.

As we have applied ZBS over the past several years, we have experienced improvements in growth, productivity, cost reduction and asset efficiency and believe there are opportunities to continue to improve our performance as we continue to apply ZBS.

Zurn designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of specification-driven water management solutions to improve health, human safety and the environment.

Our products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, Green Turtle®, World Dryer®, StainlessDrains.com™, JUST®, Hadrian® and Wade®.

Over the past century, Zurn has established itself as an innovator and leading designer, manufacturer and distributor of highly engineered products and solutions that control the flow, delivery, treatment and conservation of water as well as human hygiene to and within institutional and commercial buildings and, to a lesser extent, for waterworks and multi-family residential applications.

The institutional construction end users include education, healthcare, and government segments.

The commercial construction end users includes office/warehouse, lodging, retail, dining, and sports arenas segments.

The waterworks end users include, municipal water and wastewater and transportation segments.

The demand for our products is primarily driven by new commercial and institutional building construction, the retrofit of existing structures (to make them more energy and water efficient) and, to a lesser extent, new waterworks and multi-family residential construction.

Our products are principally specification-driven as they deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time while meeting the stringent county-specific regulatory, building, and plumbing code requirements.

The majority of these stringent testing and regulatory approval processes are completed through the Foundation for Cross-Connection Control and Hydraulic Research at the University of Southern California, the International Association of Plumbing and Mechanical Officials ("IAPMO"), the National Sanitation Foundation ("NSF"), ASTM International ("ASTM") the Plumbing and Drainage Institute ("PDI"), the Underwriters Laboratories ("UL"), Factory Mutual ("FM") and the American Waterworks Association ("AWWA") prior to the commercialization of our products.

In addition, our products are project-critical and typically represent a low percentage of the overall project cost.

We believe these characteristics, coupled with our extensive distribution network, create a high level of end-user loyalty for our products and allow us to achieve specification of our products into projects and applications and maintain leading market shares in the majority of our product lines.

We utilize an extensive sales and marketing network spanning approximately 30 countries, which consists of approximately 1,600 independent sales representatives across 200 sales agencies.

Specifically, it has been our experience that, once an architect, engineer, contractor, or owner has specified our product with satisfactory results, that person will generally continue to use our products in future projects.

The inclusion of our products with project specifications, combined with our ability to innovate, engineer, and deliver products and systems that save time and money for engineers, contractors, builders and architects has resulted in growing demand for our products.

The inclusion of our products with project specifications, combined with our ability to innovate, engineer, and deliver products and systems that save time and money for engineers, architects, contractors and builders and has resulted in growing demand for our products.

Our distribution model is predicated upon maintaining high product availability near our customers.

We believe that this model provides us with a competitive advantage as we are able to meet our customer demand with local inventory at significantly reduced lead times as compared to others in our industry.

We evaluate our competitive position in our markets based on available market data, relevant benchmarks compared to our relative peer group and industry trends.

We believe this model provides us with a competitive advantage as we can meet our customer demand with local inventory at significantly reduced lead times as compared with others in our industry.

We evaluate our competitive position in our markets based on available market data, relevant benchmarks compared to our relative group and industry trends.

We generally do not participate in segments of our served markets that have been commoditized or in applications that do not require differentiation based on product quality, reliability and innovation.

In both of our platforms, we believe the end markets we serve span a broad and diverse array of commercial and industrial end markets with solid fundamental long-term growth characteristics.

Despite the ongoing impact of COVID-19, we believe that there is still long-term growth potential.

Process & Motion Control Market

The market for Process & Motion Control products is very fragmented with most participants having single or limited product lines and serving specific geographic markets.

While there are numerous competitors with limited product offerings, there are only a few national and international competitors of a size comparable to us.

While we compete with certain domestic and international competitors across a portion of our product lines, we do not believe that any one competitor directly competes with us across each of our product line categories.

The industry's customer base is broadly diversified across many sectors of the economy.

Growth in the Process & Motion Control market is closely tied to overall growth in industrial production, which we believe has fundamental and significant long-term growth potential despite the ongoing impact of COVID-19.

In addition, through innovating to meet customer demand changes and focusing on higher growth end-markets, we believe Process & Motion Control growth rates can exceed overall United States industrial production.

The Process & Motion Control market is also characterized by the need for sophisticated engineering experience, the ability to design and produce a broad number of niche products with short lead times and long-standing customer relationships.

We believe entry into our markets by competitors with lower labor costs, including foreign competitors, will be limited due to the fact that we manufacture highly specialized niche products that are critical components in large-scale manufacturing processes.

In addition, we believe the industry trend of customers increasingly consolidating their vendor bases should allow Process & Motion Control, with our broad product offerings to capture additional market share.

Water Management Market

The markets in which our Water Management platform participates are relatively fragmented with competitors across a broad range of industries, sectors, and product lines.

Although competition exists across all of our Water Management businesses, we do not believe that any one competitor directly competes with us across all of our product lines.

We believe that our served markets are growing long term at relatively strong rates, and that the growing demand for water conservation, quality, and safety can potentially support market growth above that of overall United States industrial production.

We believe that we can continue to grow our platform long term at rates above the growth rate of the overall market and the growth rate of our competition, by focusing our efforts and resources towards end markets that have above-average growth characteristics despite the ongoing impact of COVID-19.

We believe the areas of the Water Management industry in which we compete are tied to growth in commercial and institutional construction, as well as, to a lesser extent, infrastructure.

We believe these areas have significant long-term growth fundamentals despite the ongoing impact of COVID-19.

Historically, the commercial, institutional and infrastructure construction sectors have been more stable and less vulnerable to down-cycles than the residential construction industry.

Compared with residential construction cycles, downturns in infrastructure, commercial and institutional construction have been

shorter and less severe, and upturns have lasted longer and had higher peaks in terms of spending as well as units and square footage.

In addition, we believe that water management manufacturers with innovative products, like ours, are able to grow at a faster pace than the broader infrastructure, commercial, and institutional construction markets, as well as mitigate cyclical downturns in market growth.

The Water Management industry's specification-driven end-markets require manufacturers to work closely with engineers, contractors, builders and architects in local markets to design specific applications on a project-by-project basis.

As a result, building and maintaining relationships with architects, engineers, contractors and builders, who specify products for use in construction projects, and having flexibility in design and product innovation are critical to compete effectively in the market.

We serve a broad and diverse array of commercial and industrial end markets with solid fundamental long-term growth characteristics.

We believe there continues to be long-term growth potential in our markets.

The markets in which we participate are relatively fragmented with competitors across a broad range of industries, sectors, and product lines.

Although competition exists across all of our businesses, we do not believe that any one competitor directly competes with us across all of our product lines.

We believe our served markets are growing long term at relatively strong rates, and that the growing demand for water conservation, quality, hygienic solutions and safety can potentially support

market growth above that of overall United States industrial production.

We believe the areas in which we compete are tied to growth in commercial and institutional construction, as well as, to a lesser extent, waterworks.

We believe these areas have significant long-term growth fundamentals.

Historically, the commercial, institutional and waterworks construction sectors have been more stable and less vulnerable to down-cycles than the residential construction industry.

Compared with residential construction cycles, downturns in waterworks, commercial and institutional construction have been shorter and less severe, and upturns have lasted longer and had higher peaks in terms of spending as well as units and square footage.

In addition, we believe water management manufacturers with innovative products, like ours, are able to grow at a faster pace than the broader waterworks, commercial, and institutional construction markets, as well as mitigate cyclical downturns in market growth.

The industry's specification-driven end-markets require manufacturers to work closely with local engineers, architects, contractors and builders to design specific applications on a project-by-project basis.

Companies with a strong network of such relationships have a competitive advantage.

Specifically, it has been our experience that, once an engineer, contractor, builder, or architect has specified our product with satisfactory results, that person often will continue to use our products in future projects.

Process & Motion Control Products

Our Process & Motion Control products are generally critical components in the machinery or plant in which they operate, yet they typically account for a low percentage of an end user's total production cost.

We believe, because the costs associated with a Process & Motion Control product failure to the end user can be substantial, end users in most of the markets we serve focus on Process & Motion Control products with superior quality, reliability, and availability, rather than considering price alone, when making a purchasing decision.

We believe that the key to success in our industry is to develop and maintain a reputation for quality and reliability, as well as create and maintain an extensive distribution network, which we believe leads to a strong preference to replace products "like-for-like" while driving recurring MRO revenues and linking first-fit specifications to market share gain.

Our leading Process & Motion Control brands include Rexnord®, Rex®, Addax®, Euroflex®, Falk®, FlatTop®, Cambridge®, Link-Belt®, Omega®, PSI®, Shafer®, Stearns®, Highfield®, Thomas®, Centa® and Tollok™.

Motion Control Products

We are a leading manufacturer and supplier of highly engineered mechanical power transmission components used to affect and control material movement within heavy-duty process automation and discrete automation applications.

Our motion control products include table top conveying chain and related accessories, metal conveying and engineered woven metals, gearing & gear drives, conveying equipment, industrial chain and custom assemblies.

Our FlatTop highly-engineered table top conveyor chain and related conveyor system accessories are used in discrete automation applications such as high-speed beverage-filling operations and is primarily sold to the food and beverage processing and packaging, consumer products, warehousing and distribution, automotive and parts processing industries.

Our Cambridge products provide users with metal conveying and engineered woven metal solutions, primarily used in food processing end markets, as well as in architectural, packaging and filtration applications.

Our gear drives reduce the output speed and increase the torque from an electronic motor or engine to the level required to drive a particular piece of equipment or an element of a larger mechanical system (such as a conveyor system).

We produce a wide range of heavy, medium and light-duty gear drives for bulk and unit material handling, mixing, pumping and general gearing applications.

Our conveying equipment components and industrial chain products are used primarily in heavy-duty process automation applications in numerous industries, including mining, construction and agricultural equipment, forest and wood products, cement and aggregates processing and hydrocarbon processing.

We also produce custom-engineered, application-specific miniature gearboxes and motion control assemblies and components that are supplied to a variety of end markets, including aerospace and defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications.

Shaft Management Products

We are a leading manufacturer and supplier of highly engineered mechanical power transmission components used to control, support and protect rotating shafts within machinery, process automation and discrete automation applications.

Rotating shafts transmit system power to the moving elements in machinery and equipment.

Our shaft management products include couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings and shaft locking assemblies.

Couplings are primarily used in high-speed, high-torque applications and are the interface between two shafts that permit power to be safely and efficiently transmitted from one shaft to the other.

Torque limiters, clutches, and brakes are used in machinery applications to safely control shaft engagement and stopping.

Industrial bearings are components that support, guide and reduce the friction of motion between fixed and moving machine parts.

We primarily produce mounted bearings, which are offered in a variety of specialized housings to suit specific industrial applications, and generally command higher margins than unmounted bearings.

Shaft locking assemblies are used to secure machine shafts to hubs through a mechanical interference fit that eliminates shaft backlash and improves transmission of high torques and axial loads.

Our shaft management products are used in a wide range of end markets that include food and beverage, mining, energy and power generation, aggregates processing,

pulp and paper, steel, chemical, forest and wood products, construction and agricultural equipment, marine, and general industrial and automation.

During fiscal 2018, we acquired Centa Power Transmission (Centa Antriebe Kirschey GmbH) ("Centa"), a leading manufacturer of premium flexible couplings and drive shafts for industrial, marine, rail and power generation applications.

This acquisition added complementary product lines to our existing Process & Motion Control platform.

Aerospace Components

We supply our aerospace components primarily to the commercial and military aircraft end markets for use in door systems, engine accessories, engine controls, engine mounts, flight control systems, gearboxes, landing gear and rotor pitch controls.

The majority of our sales are to engine and airframe OEMs that specify our aerospace bearing and mechanical seal products for their aircraft and turbine engine platforms, often based on proprietary designs, capabilities and solutions.

We also supply highly specialized gears and related products through our aerospace-focused build-to-print manufacturing operations.

Water Management Products

Water Management products tend to be project-critical, highly-engineered and high value-add and typically are a low percentage of overall project cost.

We believe the combination of these features creates a high level of end-user loyalty, reinforced by our investments in developing innovative new product solutions.

Specifically, it has been our experience that, once an engineer, contractor, builder, or architect has specified our product with satisfactory results, they often will continue to use our products in future projects.

Our products tend to be project-critical, highly-engineered and high value-add and typically are a low percentage of overall project cost.

We believe the combination of these features can create a high level of end-user loyalty, reinforced by our investments in developing innovative new product solutions.

Demand for these products is influenced by regulatory, building and plumbing code requirements.

Many Water Management products must meet the stringent country-specific regulatory, building, and plumbing code requirements prior to the commercialization of our products (such as IAPMO, NSF, UL, FM, PDI and AWWA).

In addition, many of these products must meet detailed specifications set by water management engineers, contractors, builders, and architects.

Many of our products must meet stringent county, state or municipal-specific regulatory, building, and plumbing code requirements prior to the commercialization of our products (such as IAPMO, NSF, UL, FM, PDI and AWWA).

In addition, many of these products must meet detailed specifications set by water management engineers, architects, contractors and builders.

Among our leading brands are Zurn® and Wilkins®.

Water Safety, Quality, and Flow Control Products

Our water safety, quality, and flow control products are sold under the Zurn and Wilkins brand names and encompass a wide range of valve products, distribution and drainage products and site works products.

Water Safety and Control Products

Our water safety and control products are sold under the Zurn and Wilkins brand names and encompass a wide range of valve and water distribution control products.

Key valve products include backflow preventers, fire system valves, pressure reducing valves and thermostatic mixing valves.

These highly specified and engineered flow control devices protect and control the potable water supply and emergency water supply within a building or site.

Designed to meet the stringent requirements of independent test labs, such as the Foundation for Cross Connection Control and Hydraulic Research at USC, NSF, UL and FM, they are sold into commercial, institutional, and industrial new construction and retrofit applications as well as the fire protection, municipal water and wastewater and irrigation end markets.

Engineered water distribution solutions that protect human health and gravity drainage products that protect the environment are sold under the Zurn brand and are typically required in the early stages of a construction or retrofit project, when potable water and non-potable water distribution and drainage systems are installed.

Specification drainage products include point drains (such as roof drains and floor drains), hydrants, fixture carrier systems, and chemical drainage systems that are used to control storm water, process water and potable water in various commercial, institutional, industrial, civil and irrigation applications.

Water distribution products include PEX piping, valves, fittings and installation tools.

Designed to meet the stringent requirements of independent test labs, such as the IAPMO, NSF, UL and FM, they are sold into commercial, institutional, and industrial new construction and retrofit applications as well as the fire protection, municipal water and wastewater and irrigation end markets.

Control solutions that protect human health and gravity drainage products that protect the environment are sold under the Zurn® brand and are typically required in the early stages of a construction or retrofit project, when potable water and non-potable water control and drainage systems are installed.

Water control products include PEX piping, valves, fittings and installation tools.

PEX tubing is manufactured from cross-linked polyethylene and is designed for high temperature and pressure fluid distribution piping applications for both potable water and radiant heating systems in the residential and nonresidential construction industries.

These systems are engineered to meet stringent NSF and ASTM standards helping water professionals provide safe and efficient building and site water management solutions.

Site works products are commonly installed within a building or on a site to manage storm water and wastewater.

Flow Systems Products

Flow systems products are commonly installed within a building or on a site to manage storm water and wastewater.

Specification drainage products within flow systems include point drains (such as roof drains and floor drains), hydrants, fixture carrier systems, and chemical drainage systems that are used to control storm water, process water and potable water in various commercial, institutional, industrial, civil and irrigation applications.

Linear drainage systems are used to capture and direct storm water in a wide variety of commercial, institutional, industrial and transportation infrastructure applications.

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In fiscal 2020, we acquired substantially all the assets of East Creek Corporation (d/b/a StainlessDrains.com) ("StainlessDrains.com"), a leading manufacturer of highly specialized stainless steel drains for industries focused in foodservice, food and beverage production, retail, chemical, commercial, and amusement parks.

This acquisition added complementary product lines to the Company's existing Water Management platform.

Water Conservation and Finish Plumbing Products

Water conservation and finish plumbing products are typically required in the latter stages of a construction or retrofit project, when interior spaces are being outfitted with fixtures, valves and faucets.

Zurn's finish plumbing products include manual and sensor-operated flush valves marketed under the Aquaflush®, AquaSense® and AquaVantage® names and heavy-duty commercial faucets marketed under the AquaSpec® name.

Innovative water conserving fixtures are marketed under the EcoVantage® and Zurn One® names.

This acquisition added complementary product lines to our existing product portfolio.

In fiscal 2021, we acquired substantially all of the assets of Advance Technology Solutions, LLC (d/b/a ATS GREASEwatch) ("ATS GREASEwatch").

ATS GREASEwatch, develops, manufactures and markets remote tank monitoring devices, alarms, software and services for various applications and provides technology to enhance and expand our current product offerings.

In addition, we expanded our high-quality flow systems portfolio during fiscal 2021 with the acquisition of the Wade Drains ("Wade") product line from McWane, Inc.

The acquisition of the Wade product line leverages Zurn’s existing expertise in flow systems to expand our market coverage and offer an additional brand of drainage and environmental products.

Hygienic and Environmental Products

Hygienic and environmental products are typically required in the latter stages of a construction or retrofit project, when interior spaces are being outfitted with fixtures, valves and faucets.

Zurn's hygienic and environmental products include primarily sensor-operated flush valves marketed under the Aquaflush®, AquaSense® and AquaVantage® brand names and heavy-duty commercial faucets marketed under the AquaSpec® brand name.

Innovative water conserving fixtures are marketed under the EcoVantage® and Zurn One® brand names.

These products are commonly used in office buildings, schools, hospitals, airports, sports facilities, convention centers, shopping malls, restaurants, and industrial production buildings.

The Zurn One Systems® integrate valve and/or faucet products with fixtures into complete, easily customizable plumbing systems, and thus provide a valuable time and cost-saving means of delivering commercial and institutional bathroom fixtures.

The EcoVantage fixture systems promote water-efficiency and low consumption of water that deliver savings for building owners in new construction and retrofit bathroom fixture installations.

In fiscal 2018, we acquired World Dryer Corporation ("World Dryer"), a leading global manufacturer of commercial electric hand dryers.

The EcoVantage® fixture systems promote water-efficiency, assists in achieving compliance with certain water conservation requirements, and generates savings for building owners in new construction and retrofit bathroom fixture installations.

In fiscal 2020, we acquired Just Manufacturing Company ("Just Manufacturing") a leading manufacturer of stainless steel sinks and plumbing fixtures primarily used in institutional and commercial end markets.

The combination of World Dryer’s eco-friendly hand dryers, Just Manufacturing's stainless steel product portfolio and Zurn's water-efficient plumbing products allows us to deliver more finish plumbing content to new and existing buildings.

Acquisitions and Divestitures

Mergers and acquisitions are a critical part of the Rexnord growth strategy.

Our strategy is to build around our global strategic platforms by acquiring leading industrial manufacturing companies in attractive markets with businesses that we believe will benefit from RBS to increase customer satisfaction, revenue growth and operating margins.

In our last three fiscal years, we have completed several acquisitions within our Process & Motion Control and Water Management platforms focused on expanding our product portfolio and global presence in the end markets we serve;

In addition, during the Transition Period, we acquired substantially all of the assets of Hadrian Manufacturing Inc.

and 100% of the stock of Hadrian, Inc.

(collectively “Hadrian”) a leading manufacturer of restroom partition systems and lockers primarily used in institutional and commercial end markets.

The combination of World Dryer’s eco-friendly hand dryers, Just Manufacturing's stainless steel product portfolio, Hadrian’s partition systems and Zurn's water-efficient hygienic and environmental products allows us to deliver what we believe is the most comprehensive hygienic and environmental content to new and existing buildings.

Mergers and acquisitions are a critical part of the Zurn growth strategy.

Our strategy is to grow strategically by acquiring leading companies in attractive markets with businesses that we believe will benefit from ZBS to increase customer satisfaction, revenue growth and operating margins.

In our last three fiscal years, we have completed several acquisitions focused on expanding our product portfolio and presence in the end markets we serve;

those acquisitions are further described below.

The respective purchase prices for these transactions are stated net of cash acquired and exclude transaction costs.

Process & Motion Control

• February 9, 2018 - We acquired Centa, a leading manufacturer of premium flexible couplings and drive shafts for industrial, marine, rail and power generation applications for a cash purchase price of $129.7 million plus assumed debt.

Centa, headquartered in Haan, Germany, added complementary product lines to our existing Process & Motion Control platform.

In completing the acquisition of Centa, we also acquired a non-controlling interest in two previously established joint venture relationships.

On January 23, 2019, we acquired an additional 47.5% interest in one of these joint venture relationships for $21.4 million.

As a result, the results of operations of that entity have been consolidated within our consolidated financial statements subsequent to January 23, 2019.

Water Management

• January 28, 2020 - We acquired substantially all of the assets of Just Manufacturing for a total preliminary cash purchase price of approximately $59.4 million.

Just Manufacturing, based in Franklin Park, Illinois, manufactures stainless steel sinks and plumbing fixtures primarily used in institutional and commercial end markets and complements the offerings of our existing Water Management platform.

• November 17, 2021 - We expanded our high-quality flow systems portfolio with the acquisition of the Wade product line from McWane, Inc.

for a cash purchase price of $13.7 million.

Founded in 1865, Wade manufactures a wide range of specified commercial flow systems products for customers across North America.

The acquisition leverages Zurn’s existing expertise in flow systems to expand its market coverage and offer an additional brand of drainage and environmental products.

• April 16, 2021 - We acquired substantially all of the assets of Advance Technology Solutions, LLC (d/b/a ATS GREASEwatch) ("ATS GREASEwatch") for a cash purchase price of $4.5 million.

ATS GREASEwatch develops, manufactures and markets remote tank monitoring devices, alarms, software and services for various applications and provides technology to enhance and expand our current product offerings and complements our existing product portfolio.

• December 11, 2020 - We acquired substantially all of the assets of Hadrian for a total cash purchase price of $101.3 million.

Hadrian manufactures washroom partitions and lockers primarily used in institutional and commercial end markets and complements our existing product portfolio.

• January 28, 2020 - We acquired substantially all of the assets of Just Manufacturing for a cash purchase price of $59.4 million.

Just Manufacturing manufactures stainless steel sinks and plumbing fixtures primarily used in institutional and commercial end markets and complements the offerings of our existing product portfolio.

• May 10, 2019 - We acquired substantially all of the assets of StainlessDrains.com, a manufacturer of stainless steel drains, grates and accessories for industrial and commercial end markets, for a cash purchase price of $24.8 million.

StainlessDrains.com, headquartered in Greenville, Texas, added complementary product lines to our existing Water Management platform.

• September 24, 2018 - We acquired certain assets associated with the design and distribution of various roof drains, spouts and flow sensors for institutional, commercial and industrial buildings for $2.0 million.

The acquisition of these assets added complementary product lines to our existing Water Management platform.

• October 4, 2017 - We acquired World Dryer, a leading global manufacturer of commercial electric hand dryers, for a cash purchase price of $50.0 million.

This acquisition broadened the product portfolio of our existing Water Management platform and continues to enable us to bring greater value to commercial building owners in the form of lower operating costs.

In addition to making acquisitions, we periodically review our operations to determine whether it would be in our interest to divest of certain non-core or non-strategic businesses.

Information regarding divestitures within our Water Management platforms during recent fiscal years is included below.

• November 26, 2018 - We sold the net assets of our VAG business within our Water Management platform pursuant to our previously disclosed plan to divest of this business.

In connection with the sale, we received net cash proceeds of $7.7 million following all final working capital adjustments.

All results associated with this business are presented as a discontinued operation in our consolidated financial statements.

Refer to Item 8, Note 4, Discontinued Operations for additional information.

Process & Motion Control Customers

Our Process & Motion Control components are either incorporated into products sold by OEMs or sold to end users for their MRO requirements either directly in certain regions or, more commonly, through industrial distributors as aftermarket products.

While approximately 44% of our Process & Motion Control net sales are through our distribution partners, OEMs and end users ultimately drive the demand for our Process & Motion Control products.

With approximately 2,600 distributor locations worldwide, we have one of the most extensive distribution networks in the industry.

Rather than serving as passive conduits for delivery of product, our industrial distributors participate in the overall competitive dynamic in the Process & Motion Control industry.

Industrial distributors play a role in determining which of our Process & Motion Control products are stocked at their distributor centers and branch locations and, consequently, are most readily accessible to MRO buyers, and the price at which these products are sold.

We market our Process & Motion Control products both to OEMs and directly to end users to create preference of our products through end-user specification.

We believe this customer preference is important in differentiating our Process & Motion Control products from our competitors' products and preserves our ability to create channel partnerships where distributors will recommend Rexnord products to OEMs and end users.

In some instances, we have established a relationship with the end user such that we, the end user, and the end user's preferred distributor enter into a trilateral agreement whereby the distributor will purchase our Process & Motion Control products and stock them for the end user.

We believe our extensive product portfolio positions us to benefit from the trend towards rationalizing suppliers by industrial distributors.

Water Management Customers

Our water safety, quality, flow control and conservation products are sold for new construction, remodeling and retrofit applications to customers in our commercial construction, institutional, infrastructure and residential construction end markets and are distributed through independent sales representatives, plumbing wholesalers and industry-specific distributors in the waterworks, foodservice, industrial, janitorial, sanitation and siteworks industries.

Our independent sales representatives work with architects, engineers, building owners and operators, contractors, and builders, to specify our water safety, quality, flow control and conservation products for their use and with wholesalers to assess and meet the needs of building contractors in construction projects.

They also combine knowledge of our products’ installation methods and delivery availability with knowledge of the local markets to provide contractors with value-added service.

StainlessDrains.com added complementary product lines to our existing product portfolio.

Our water safety and control, flow systems and hygienic and environmental products are sold for new construction, remodeling and retrofit applications to customers in commercial, institutional, waterworks and multi-family residential end markets and are distributed through independent sales representatives, plumbing wholesalers and industry-specific distributors in the waterworks, foodservice, industrial, janitorial, sanitation and siteworks industries.

Our independent sales representatives work with engineers, architects, building owners and operators, contractors, and builders, to specify our water safety, quality, flow control and conservation products for their use and with wholesalers to assess and meet the needs of building contractors in construction projects.

They also combine knowledge of our products’ installation methods and delivery availability with local market expertise to provide contractors with value-added service.

We use approximately 1,600 independent sales representatives, along with a network of regional distribution centers and third-party warehouses, to provide our customers with same-day service and quick response times.

Zurn and Wilkins benefit from strong brand recognition, which is further bolstered by a strong propensity to replace "like-for-like" products.

In addition to our domestic Water Management manufacturing facilities, we have maintained a global network of independent sources that manufacture high quality, lower-cost component parts for our commercial, institutional, infrastructure, and residential products.

Zurn® and Wilkins® benefit from strong brand recognition, which is enhanced by a strong propensity to replace "like-for-like" products.

In addition to our domestic manufacturing facilities, we maintain a global network of independent sources that manufacture high quality, lower-cost component parts for our products.

These sources fabricate parts to our specifications using our proprietary designs, which enables us to focus on product engineering, assembly, testing and quality control.

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Each of our product lines has technical staff responsible for product development and application support.

The Rexnord Innovation Center provides additional support through enhanced capabilities and specialty expertise that can be utilized for product innovation and new product development.

The Rexnord Innovation Center is a certified lab comprised of approximately 30 specialists that offers testing capability and design support during the development process to all of our product lines.

Our existing pipeline and continued investment in new product development are expected to drive revenue growth as we address key customer needs.

In both of our Process & Motion Control and Water Management platforms, we have demonstrated a commitment to developing technologically advanced products within the industries we serve.

In the Process & Motion Control platform, we had approximately 200 United States active patents and approximately 900 active foreign patents as of March 31, 2020.

addition, we thoroughly test our Process & Motion Control products to ensure their quality, understand their wear characteristics and improve their performance.

These practices have enabled us, together with our customers, to develop reliable and functional Process & Motion Control solutions.

In our Water Management platform, we had approximately 200 United States active patents and approximately 100 foreign active patents as of March 31, 2020.

Zurn has approximately 150 active patents in the United States and approximately 70 foreign active patents as of December 31, 2021.

Product innovation is crucial in the commercial and institutional plumbing products markets because new products must continually be developed to meet specifications and regulatory demands.

Zurn's plumbing products are known in the industry for such innovation.

In fiscal 2018, we launched DiRXN™ (pronounced "Direction"), our digital enterprise initiative.

DiRXN™ is an internet-based customer productivity platform based on the integration of innovative Industrial Internet of Things (IIoT) and e-commerce technologies with Rexnord's leading portfolio of tools, products and services.

DiRXN™ directly connects customers to data and information that allows them to optimize productivity across all stages of their life cycles.

During fiscal 2018 and 2019, we began adding Smart Tags to our Process & Motion Control and Water Management products in order to provide our customers with a direct digital link to asset information and digital support for the installation and maintenance of our products.

We also began to deliver Process & Motion Control products with embedded sensors to collect real-time operational and contextual information regarding product performance, and we extended these capabilities to select Water Management products in fiscal 2019.

Our secure online portal, plumbSMART™, allows for real-time insights from Zurn Connected Products including wireless monitoring of usage trends, water consumption, possible issues and alerts through digitally-connected product solutions that can be retrofit to the installed base of our products.

This information is used by our customers’ operations and maintenance staff through their facility and automation control systems and cloud-based portals to minimize unplanned system downtime and improve the productivity and safety of our customers’ operations.

Zurn's products are known in the industry for such innovation.

In fiscal 2018, we launched our digital strategy for a customer productivity platform based on the integration of innovative Industrial Internet of Things (IIoT) and e-commerce technologies with Zurn's leading portfolio of products.

Suppliers and Raw Materials

The principal materials used in our Process & Motion Control and Water Management manufacturing processes are commodities and components available from numerous sources.

The key materials used in our Process & Motion Control manufacturing processes include:

sheet, plate and bar steel, castings, forgings, high-performance engineered plastic and a variety of components.

Within our Water Management platform, we purchase a broad range of materials and components throughout the world in connection with our manufacturing activities that include:

bar steel, brass, castings, copper, zinc, forgings, plate steel, high-performance engineered plastic and resin.

Our global sourcing strategy is to maintain alternate sources of supply for our important materials and components wherever possible within both our Process & Motion Control and Water Management platforms.

The principal materials used in our manufacturing processes are commodities and components available from numerous sources.

The key materials used in our manufacturing activities include:

brass, castings, copper, zinc, forgings, plate steel, high-performance engineered plastic and resin.

Our global sourcing strategy is to maintain alternate sources of supply for our important materials and components wherever possible.

Historically, we have been able to successfully source materials, and consequently are not dependent on a single source for any significant raw material or component.

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We generally purchase our materials on the open market.

However, in certain situations we have found it advantageous to enter into contracts for certain commodity purchases.

Although currently we are not a party to any unconditional purchase obligations, including take-or-pay contracts or through-put contracts, these contracts generally have had one to five-year terms and have contained competitive and benchmarking clauses to ensure competitive pricing.

Our backlog of unshipped orders was $381 million and $373 million as of March 31, 2020 and March 31, 2019, respectively.

As of March 31, 2020, approximately 11% of our backlog was scheduled to ship beyond March 31, 2021.

Also, see Item 1A Risk Factors of this report for more information on the risks associated with backlog.

We do not experience significant seasonality of demand for our Process & Motion Control products, although sales generally are slightly higher during our fourth fiscal quarter as our customers spend against recently approved capital budgets and perform maintenance and repairs in advance of spring and summer activity.

Our Process & Motion Control end markets also do not experience significant seasonality of demand.

Demand for our Water Management products is primarily driven by commercial and institutional construction activity, remodeling and retrofit opportunities, and to a lesser extent, new home starts as well as water and wastewater infrastructure expansion.

Accordingly, weather has an impact on the seasonality of certain end markets.

Our backlog of unshipped orders was approximately $70 million and $36 million as of December 31, 2021 and December 31, 2020, respectively.

As of December 31, 2021, our backlog is all expected to ship during the year ending December 31, 2022.

See Item 1A Risk Factors of this report for more information on the risks associated with backlog.

Demand for our products is primarily driven by commercial and institutional building activity, remodeling and retrofit opportunities, and to a lesser extent, new home starts as well as waterworks expansion.

Accordingly, weather has an impact on

the seasonality of certain end markets.

With the exception of our remodeling and retrofit opportunities, weather is an important variable as it significantly impacts construction.

Spring and summer months in the United States and Canada represent the main construction season for increased construction in the commercial, institutional and infrastructure markets, as well as new housing starts.

As a result, sales generally decrease slightly in the third and fourth fiscal quarters as compared to the first two quarters of the fiscal year.

The autumn and winter months generally impede construction and installation activity.

Spring and summer months in the United States and Canada represent the main construction season for increased construction in the commercial, institutional and waterworks markets, as well as new housing starts.

As a result, sales generally decrease slightly in the third and fourth quarters as compared to the first two quarters of the calendar year.

Our business also depends upon general economic conditions and other market factors beyond our control, and we serve customers in cyclical industries.

As a result, our operating results have been, and in the future could be, negatively affected during economic downturns, including the current economic slowdown caused by COVID-19.

See Item 1A Risk Factors of this report for more information on the risks associated with general economic conditions and COVID-19.

As of March 31, 2020, we had approximately 6,800 employees, of whom approximately 3,500 were employed in the United States.

As a result, our operating results have been, and in the future likely will be, negatively affected during economic downturns.

See Item 1A Risk Factors of this report for information on the risks associated with general economic conditions.

Human Capital Management

As of December 31, 2021, we had approximately 1,300 employees, of whom approximately 900 were employed in the United States.

Approximately 110 of our United States employees are represented by labor unions.

We are currently party to three collective bargaining agreements in the United States.

The remaining three collective bargaining agreements have expiration dates in November 2021, May 2022 and June 2022.

Additionally, approximately 1,200 of our employees reside in Europe, where trade union membership is common.

We are currently party to two collective bargaining agreements in the United States with expiration dates in June 2022 and October 2024.

We believe we have a strong relationship with our employees, including those represented by labor unions.

Environmental Matters

Our operations and facilities worldwide are subject to extensive laws and regulations related to pollution and the protection of the environment, health and safety, including those governing, among other things, emissions to air, discharges to water, the generation, handling, storage, treatment and disposal of hazardous wastes and other materials, and the remediation of contaminated sites.

Zurn strives to attract, retain and develop the talent necessary to meet goals.

Our Human Resources programs are designed to, among other aims, foster diversity and inclusion, develop talent for critical roles and leadership positions, reward and support associates through competitive pay and benefits, and promote the health and safety of our associates.

Diversity and Inclusion:

We are committed to fostering, cultivating and preserving a culture of diversity and inclusion where our associates are engaged and fulfilled.

We recognize and value our associates for the unique perspectives they bring to Zurn – from different ages, ethnic and cultural backgrounds, sexual orientation, gender identity and expression, veteran status and abilities, including individuals who bring diverse opinions, experience and leadership styles to their work at Zurn.

Inclusion is built into our key human resources programs and processes.

We believe this collective diversity makes our business stronger.

Training and Talent Development:

We are committed to having a workplace that fosters learning, development and innovation.

Our leadership team conducts a robust program of employee engagement and we have invested in the personal and professional development of our employees.

We monitor a variety of metrics to ensure the health of our company culture and alignment with our values and strategic business priorities.

Each year, we survey our employees to better understand what matters most to them.

We also strive to provide competitive compensation and benefits for our associates.

Health and Safety:

The safety of our associates is a top priority.

To be our best and maintain integrity in everything we do, we strive to provide associates with the right tools and resources.

Through continual training and engaging associates and visitors in addressing safety issues, we have reduced our Total Recordable Incident Rate ("TRIR") by more than 60% from calendar year 2017 t hrough calendar year 2021 an d also reduced our Lost Time Incident Rate ("LTIR") over the same period.

At 0.96 TRIR per 100 full-time workers, we are better than best-in-class benchmarks.

We are also committed to improving the holistic health and well-being of our associates and have various programs in place to provide information, activities and support for assisting healthy choices.

Compliance with Laws and Regulations

Our operations and facilities are subject to extensive laws and regulations, including those related to trade taxes, government contracts, pollution and the protection of the environment, health and safety, including those governing, among other things, emissions to air, discharges to water, climate change, the generation, handling, storage, treatment and disposal of hazardous wastes and other materials, and the remediation of contaminated sites.

A failure by us to comply with applicable requirements or the permits required for our operations could result in civil or criminal fines, penalties, enforcement actions, third-party claims for property damage and personal injury, requirements to clean up property or to pay for the costs of cleanup or regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, including the installation of pollution control equipment or remedial actions.

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On occasion we are involved in such investigations and/or cleanup, and also have been or could be named as a PRP in environmental matters.

We do not currently anticipate any significant additional expenditures related to maintaining compliance;

however, due to the evolving nature of laws and regulations and changes thereto, there can be no assurance that current expenditures will be adequate or that violations will not occur.

Additional Information

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Our phone number is (855) 480-5050.

Our website address is www.rexnordcorporation.com.

We make available free of charge, on or through our website, as soon as reasonably practicable after they are electronically filed or furnished to the Securities and Exchange Commission (the "SEC"), our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements on Schedule 14A, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

Our website address is www.zurnwatersolutions.com.

We make available free of charge, on or through our website, as soon as reasonably practicable after they are electronically filed or furnished to the Securities and Exchange Commission (the "SEC"), our annual and transition reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements on Schedule 14A, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Copies of any materials that we file with the SEC can also be obtained free of charge through the SEC's website at www.sec.gov.

In addition, the (i) charters for the Audit, Nominating and Corporate Governance, and Compensation Committees of our Board of Directors;

In addition, our website includes (i) the charters for the Audit Committee, Nominating and Corporate Governance Committee, Compensation Committee, and Environmental, Social and Governance Committee of our Board of Directors;

(ii) our Corporate Governance Guidelines;

and (iii) our Code of Business Conduct and Ethics are also available on our website.

We will also post any amendments to these documents, or information about any waivers granted to directors or executive officers with respect to the Code of Ethics, on our website.

and (iii) our Code of Business Conduct and Ethics.

We will also post on our website any amendments to these documents, and information about any waivers granted to directors or executive officers with respect to our Code of Ethics.

Our website and the information contained on or connected to that site are not incorporated by reference into this Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business