Lancaster-based Burnham Holdings, a holding company owning multiple subsidiaries doing business in the HVAC industry, recently divested the majority of its subsidiaries’ legacy asbestos liabilities.
The move is part of a continuation of strategic initiatives intended to refocus its boiler business.
The company sold its subsidiaries with legacy liabilities to Burnham Industries, an affiliate of Florida-based FARA Burnham Holdings, a company specializing in real estate and the management of asbestos and other legacy liabilities and related corporate assets. The companies are not affiliated with Burnham Holdings.
Burnham Industries will assume responsibility for managing the subsidiaries as they continue to resolve their current and future asbestos-related claims.
“This transaction marks a meaningful milestone in our strategy to simplify Burnham Holdings and strengthen our financial foundation,” Chris Drew, Burnham Holdings president and CEO, said. “By completing this transaction, we’re sharpening our focus on our core businesses and positioning the company to deliver sustainable, long-term growth.”
Burnham Holdings will use a portion of the proceeds from the divestiture of Thermo Products and Norwood Manufacturing’s operating assets to fund the transaction.
The company previously announced other strategic changes including the winddown of Crown Boiler Company operations in Philadelphia, and the opening of the Condensing Center of Excellence in Lancaster.