Business
Burnham Holdings, Inc. Announces Subsidiary Divestiture Plan
Burnham Holdings, Inc. Announces Subsidiary Divestiture Plan.
About this update from Burnham Holdings, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Burnham Holdings, Inc. Announces Subsidiary Divestiture Plan\r\n \r\n \r\n\r\n\r\nBurnham Holdings, Inc. Announces Subsidiary Divestiture Plan\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nStrategic move allows company to focus on core operations and drive growth in its commercial and industrial boiler service business\r\nLANCASTER, Pa., May 5, 2025 /PRNewswire/ -- Burnham Holdings, Inc. (BHI), parent company to leading manufacturers of boilers and related HVAC products and accessories, today announced its decision to divest substantially all of the assets of its Thermo Pride (TP) and Norwood Manufacturing (NMI) business subsidiaries. This strategic move aligns with the holding company's long-term vision to strengthen its core boiler business while expanding its commercial and industrial rental and service operations.\r\n\r\nThe TP and NMI businesses are being acquired by the R.W. Beckett Corporation (RWB) of North Ridgeville, OH, in exchange for all-cash consideration of $27.6 million, subject to customary adjustments. These acquisitions will enable RWB to expand their offerings for the liquid fuels industry.\r\nThe divestiture allows BHI to focus its resources and efforts on enhancing its position as a leading provider of comprehensive boiler solutions for the residential, commercial and industrial sectors where they offer an industry leading portfolio of high-quality hydronic solutions, including cast-iron residential boiler products, hydronic heating accessories and advanced high efficiency condensing boilers. BHI will continue to concentrate on its boiler subsidiaries, leveraging their strong management teams to drive synergies, improve efficiencies, and support continued growth.\r\n\"Burnham Holdings is committed to meeting the ever-evolving needs of our key boiler markets. This decision allows us to further focus on and strengthen our offerings in the commercial industrial boiler service and support segment of our marketplace,\" said Chris Drew, President and CEO of Burnham Holdings, Inc. \"We are committed to providing our customers with technically advanced, reliable, high-quality boiler solutions, and this strategic divestiture will enable us to better serve their critical operational requirements.\"\r\n\"We are honored to welcome the talented teams from Thermo Pride and Norwood Manufacturing into the Beckett ...