Watts Water Technologies Appoints New President of Asia
NORTH ANDOVER, Mass., Jul 25, 2011 (BUSINESS WIRE) --
Watts Water Technologies, Inc. (NYSE: WTS) today announced that it has appointed Elie Melhem as its President of Asia. Mr. Melhem previously worked at Ariston Thermo Group where he has spent the last three years as Managing Director of Ariston Thermo China operations. Prior to joining Ariston, Mr. Melhem spent eleven years with ITT Industries in China where he held several management positions, including serving as President of ITT's Residential and Commercial Water Group in Asia and President of ITT's Water Technology Group in Asia.
David J. Coghlan, President and Chief Executive Officer, commented, "We are very pleased to have someone with Elie's leadership skills and extensive business experience in China. Elie has an outstanding record of achievement implementing new business strategies, delivering innovative solutions, facilitating sales growth and improving profits in China. We believe that Elie will be instrumental in assisting us capitalize on the many opportunities we have before us in China and the rest of Asia."
Mr. Melhem replaces Michael P. Flanders, who we previously announced would be stepping down as President of Asia and will be leaving the Company at the end of August. Mr. Flanders is expected to assist with the transition of his duties and responsibilities to Mr. Melhem during the duration of his employment with the Company.
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 may include 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" 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: the current economic and financial condition, which can affect levels of housing starts and remodeling, affecting the markets where the Company's products are sold, manufactured, or marketed; shortages in and pricing of raw materials and supplies; loss of market share through competition; introduction of competing products by other companies; realization of price increases and pressure on prices from competitors, suppliers, and/or customers; changes in variable interest rates on Company borrowings; identification and disclosure of material weaknesses in our internal control 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 markets, such as plumbing and heating wholesalers and home improvement retailers, in which the Company markets certain of its products; environmental compliance costs; product liability risks; the results and timing of the Company's manufacturing restructuring plan; changes in the status of current litigation; the outcome of our investigation into potential violations of the Foreign Corrupt Practices Act; 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, 2010 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