Watts Water Technologies, Inc. signed a definitive agreement to acquire the assets and business of Changsha Valve Works located in Changsha, China. Changsha Valve Works is a leading manufacturer of large diameter hydraulic actuated butterfly valves for thermo-power and hydro-power plants, water distribution projects and water works projects in China. This acquisition strengthens Watts' position in the fast-growing water market.
The acquisition of Changsha Valve Works is expected to close by the end of January 2006. The acquisition is subject to various closing conditions, including the approval of the government of the People's Republic of China and certain local government approvals and the establishment and licensing of a new wholly foreign owned enterprise by Watts.
Patrick S. O'Keefe, CEO, commented, "Changsha Valve Works is one of the leading companies addressing the water works and water distribution markets in China. It comes to us with a well-known brand name and a significant level of technical expertise. We believe that Changsha's direct sales force in conjunction with this expertise will provide many opportunities over the coming years to serve this fast-growing market."
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