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Press Release
Nov. 7, 2005
Watts Water Technologies Announces Acquisition of Flexflow Tubing LLP
NORTH ANDOVER, Mass.--Watts Water Technologies, Inc. (NYSE symbol "WTS") announced today that its Canadian subsidiary, Watts Industries (Canada) Inc., has acquired Flexflow Tubing LLP, located in Langley, British Columbia, Canada, in an asset purchase transaction.
Watts Water Technologies' Chief Executive Officer, Patrick S. O'Keefe, commented, "Flexflow Tubing was established in 2005. Although recently established, Flexflow comes to us with an experienced management and production team as well as a full compliment of PEX manufacturing equipment. The acquisition of Flexflow Tubing allows us to expand our presence in the fast-growing PEX market by increasing our technical knowledge and our manufacturing capacity. The acquisition of Flexflow is consistent with our strategy to increase our presence in the under floor radiant heating and potable water markets."
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' current views about future results of operations
and other forward-looking information. In some cases you can identify these
statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or
similar words. You should not rely on forward-looking statements because
Watts' actual results may differ materially from those indicated by these
forward-looking statements as a result of a number of important factors.
These factors include, but are not limited to, the following: shortages
in and pricing of raw materials and supplies including recent cost increases
by suppliers of raw materials and our ability to pass these costs on to
customers, loss of market share through competition, introduction of competing
products by other companies, pressure on prices from competitors, suppliers,
and/or customers, diversion of management's attention and costs associated
with efforts to comply with Section 404 of the Sarbanes-Oxley Act of 2002,
the identification and disclosure of material weaknesses in our internal
controls over financial reporting, failure to expand our markets through
acquisitions, failure or delay in developing new products, lack of acceptance
of new products, failure to manufacture products that meet required performance
and safety standards, foreign exchange rate fluctuations, cyclicality of
industries, such as plumbing and heating wholesalers and home improvement
retailers, in which the Company markets certain of its products, economic
factors, such as the levels of housing starts and remodeling, impacting
the markets where the Company's products are sold, manufactured, or marketed,
environmental compliance costs, product liability risks, the results and
timing of the Company's manufacturing restructuring plan, changes in the
status of current litigation, including the James Jones case, and other
risks and uncertainties discussed under the heading "Certain Factors
Affecting Future Results" in the Watts Water Technologies, Inc. Annual
Report on Form 10-K for the year ended December 31, 2004 filed with the
Securities Exchange Commission and other reports Watts files from time
to time with the Securities and Exchange Commission.
Contacts
Watts Water Technologies, Inc.
William C. McCartney, 978-688-1811
Fax: 978-688-2976
