Culligan Recaps for CDR

Culligan Ltd., a Northbrook, Ill.-based manufacturer and distributor of water treatment products and bottled water, has announced plans for a $900 million recapitalization. The company will distribute approximately $360 million of the proceeds to its equity holders, including Clayton, Dubiler & Rice. CDR currently holds an 83% ownership position, following a $610 million buyout of the company from France-based Veolia Environnement SA in 2004.