North Andover, MA – June 17, 2010. Watts Water Technologies, Inc. (NYSE symbol “WTS”) announced today, in response to comments that have occurred in the marketplace, that it expects to acquire Austroflex Rohr-Isoliersysteme GmbH by the end of June. The proposed acquisition is subject to signing of a definitive purchase agreement and is conditioned upon the receipt of customary regulatory approvals. The contemplated purchase price will not be material to Watts’ financial condition or cash resources. Watts will not make any further public announcements about the possible transaction unless and until a definitive agreement is reached.
Austroflex is an Austrian manufacturer of pre-insulated PEX pipes for hot and cold water applications and pre-insulated stainless steel corrugated pipe used in solar- and high temperature applications.
Watts Water Technologies, Inc. is a world leader in the manufacture of innovative products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. Its expertise in a wide variety of water technologies enables it to be a comprehensive supplier to the water industry.
This Press Release includes statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Watts Water Technologies’ forward-looking information that may be affected by a variety of factors. These factors include, but are not limited to, the risk that Watts and Austroflex may not reach a definitive acquisition agreement or that the transaction may not obtain the required regulatory approvals and other risks and uncertainties discussed under the heading “Item 1A. Risk Factors” in the Watts Water Technologies, Inc. Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities Exchange Commission and other reports Watts files from time to time with the Securities and Exchange Commission. Watts does not intend to, and undertakes no duty to, update the information contained in this Press Release, except as required by law.
Source: Watts Water Technologies, Inc.