Watts Water Technologies Inc. Completes Acquisition of Bradley Corporation
23 Ottobre 2023 - 4:48PM
Business Wire
Watts Water Technologies, Inc., (NYSE: WTS) (“Watts”) – through
its subsidiaries, one of the world’s leading manufacturers and
providers of plumbing, heating and water quality products and
solutions – today announced that it has completed the previously
announced acquisition of Bradley Corporation (“Bradley”) for $303
million, subject to customary adjustments. The net transaction
value is approximately $268 million after adjusting for the
estimated net present value of expected tax benefits of
approximately $35 million. The acquisition was funded with cash on
hand and from Watts’ existing revolving credit facility.
Bradley is a trusted provider and manufacturer of commercial
washroom and emergency safety products serving commercial
(primarily institutional) and industrial end markets for over 100
years. The company offers a comprehensive product portfolio that
includes plumbing fixtures, washroom accessories and emergency
safety products to a diverse customer base. Bradley has annual net
sales of approximately $200 million.
Chief Executive Officer Robert J. Pagano Jr. commented, “We are
thrilled to welcome the Bradley team to Watts. The closing of this
transaction is the first step to realizing the significant value of
combining two innovative businesses with over 250 years of
collective industry experience. I want to thank the teams at Watts
and Bradley for their efforts to get us to closing today and
helping to ensure a smooth, effective transition as we integrate
Bradley with Watts.”
Additional information regarding the transaction will be
provided during Watts’ third quarter earnings call on November 2,
2023.
About Watts Water Technologies, Inc.
Watts Water Technologies, Inc., through its family of companies,
is a global manufacturer headquartered in the USA that provides one
of the broadest plumbing, heating and water quality product lines
in the world. Watts Water companies and brands offer innovative
plumbing, heating and water quality solutions to control the
efficiency, safety, and quality of water within commercial,
residential and industrial applications. For more information,
visit www.watts.com.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, Watts provides the
following cautionary statement: This news release contains various
forward-looking statements based on current expectations about
important economic, political, and technological factors, among
others, and are subject to risks and uncertainties, which could
cause the actual results or events to differ materially from those
set forth in or implied by the forward-looking statements and
related assumptions. These include statements regarding estimates
of future earnings and cash flows. Other uncertainties include, but
are not limited to, general economic conditions, supply chain
conditions and any related impact on costs and availability of
materials, integration of the acquired business in a timely and
cost-effective manner, retention of supplier and customer
relationships and key employees, and the ability to achieve
synergies and cost savings in the amounts and within the time
frames currently anticipated. Other risks and uncertainties that
may materially affect Watts are described from time to time in its
reports filed with the Securities and Exchange Commission,
including Forms 10-K, 10-Q, and 8-K. Except to the extent required
by law, Watts does not undertake and specifically declines any
obligation to review or update any forward looking statements or to
publicly announce the results of any revisions to any of such
statements to reflect future events or developments or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023344961/en/
Watts Water Technologies, Inc. Diane McClintock Senior Vice
President FP&A and Investor Relations Telephone: 978-689-6153
Email: investorrelations@wattswater.com
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