THOMASVILLE, Ga.--(BUSINESS WIRE)--Cleaver-Brooks has divested Cleaver-Brooks, Inc. (the “Company”), a wholly owned subsidiary that holds asbestos and certain other assets and liabilities, to Cleaver Brooks Acquisition LLC, an affiliate of the Global Risk Capital Group of Companies (“GRC”).
The transaction followed the completion of an internal corporate restructuring to separate the Company’s manufacturing and services operations from the Company’s legacy asbestos assets and liabilities and certain real estate assets. Subsequent to the internal restructuring, the Company’s assets include, among other things, insurance policies that provide coverage for asbestos-related claims.
Cleaver-Brooks will now operate as The Cleaver-Brooks Company, Inc. (“CB”). Bart Aitken, the CEO and president of Cleaver-Brooks, is now the Chief Executive Officer of CB. He is supported by the same management and operations team that has provided Cleaver-Brooks customers with the high-quality products and services they have come to expect.
Existing customers and vendors of CB should anticipate no change in their business interactions with Cleaver-Brooks as a result of the divestiture.
GRC is an entity specializing in the acquisition and management of asbestos, environmental and other legacy corporate liabilities.
About Cleaver-Brooks
Cleaver-Brooks is the premier boiler industry innovator and only boiler manufacturer in the world to offer The Power of Total Integration™. The company engineers and manufactures entirely integrated boiler room solutions for steam and hydronic applications, offers superior sales and service from a world-class representative network, and shares its expertise through a robust training and education program and engineering support. Cleaver-Brooks is committed to providing efficient solutions that help its customers operate boiler systems at optimum reliability, promote sustainability, and reduce costs. Visit cleaverbrooks.com for more information.
