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Watts Water Technologies Confirms Intention to Acquire Danfoss Socla
NORTH ANDOVER, Mass., Feb 09, 2011 (BUSINESS WIRE) -- Watts Water Technologies, Inc. (NYSE symbol "WTS") announced today, in connection with the public disclosure of certain merger control filings, its intention to acquire Danfoss Socla and the related water controls business of Danfoss A/S. The proposed acquisition is subject to the signing of a definitive purchase agreement and is conditioned upon the receipt of customary regulatory approvals. The proposed purchase price is expected to be in the range of EUR 115 million to EUR 120 million. Watts will not make any further public announcements about the possible transaction unless and until a definitive agreement is reached.
Danfoss Socla is a manufacturer of a wide range of water protection valves and flow control solutions for the water market and the heating, ventilation and air conditioning market. The company is based in France and its products are distributed worldwide for municipal, industrial, commercial and residential use.
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 Danfoss 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.
Watts Water Technologies, Inc.
William C. McCartney, 978-688-1811
Chief Financial Officer
Fax: 978-688-2976