Watts Water Technologies Inc. to Acquire Josam Company
11 Dicembre 2023 - 10:33PM
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 entered into a definitive
agreement to acquire Josam Company (“Josam”), a leading provider
and manufacturer of drainage and plumbing products for over 100
years. The company offers a comprehensive portfolio of high-quality
customized products to a diverse customer base serving commercial,
industrial, and multi-family end markets. Josam’s annualized sales
are approximately $35 million.
Chief Executive Officer Robert J. Pagano Jr. commented, “Today’s
acquisition is consistent with our established strategy and further
positions Watts for growth. The addition of Josam’s innovative,
specified products to our portfolio will allow us to offer our
customers expanded capabilities and solutions. We expect that the
company’s complementary sales networks and channel relationships
will help drive growth and provide increased cross-selling
opportunities. With a commitment to providing outstanding customer
service, Josam is also a strong cultural fit for Watts. We look
forward to welcoming the Josam team to Watts Water
Technologies.”
President and CEO of Josam Company Scott Holloway Sr. stated,
“Watts acquisition of Josam Company will provide tremendous
opportunities for the continued growth of the Josam product lines.
The resources that Watts offers are essential to taking the Josam
product lines to the next level. The similarities in company
culture, passion for success and their commitment to advancing the
Josam legacy for years to come is a combination that is destined
for long-term success.”
The transaction is subject to customary closing conditions and
is expected to close in January 2024. Additional information
regarding the transaction will be discussed during the Watts fourth
quarter earnings call in February 2024.
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.
About Josam
For over 100 years, Josam has manufactured drainage and plumbing
products designed to the highest performance standards.
Headquartered in Michigan City, Indiana, USA, Josam serves
commercial, industrial, and multi-family building markets. For more
information visit www.josam.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 and expectations as to the
closing of the transaction. Other uncertainties include, but are
not limited to, general economic conditions, supply chain
conditions and any related impact on costs and availability of
materials, the ability to obtain regulatory approval without
unexpected delays or conditions, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231211268371/en/
Watts Water Technologies, Inc. Diane McClintock Senior Vice
President FP&A and Investor Relations Telephone: 978-689-6153
investorrelations@wattswater.com
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