Attached files
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| 8-K - 8-K - WATTS WATER TECHNOLOGIES INC | a14-25408_18k.htm |
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact: |
Timothy M. MacPhee |
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Telephone: |
(978) 688-1811 |
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Fax: |
(978) 794-0353 |
Watts Water Technologies Completes Acquisition of
AERCO International, Inc.
NORTH ANDOVER, Mass., December 1, 2014—Watts Water Technologies, Inc. (NYSE: WTS) announced today that it completed the acquisition of AERCO International, Inc. (“AERCO”), a portfolio entity of The Riverside Company, in an all-cash transaction. AERCO is a leading manufacturer of a wide range of high-efficiency commercial boilers and water heaters.
Watts paid a total purchase price of approximately $264.5 million to acquire 100% of the share capital of AERCO. The final purchase price is subject to a customary net working capital adjustment. Watts funded the acquisition with borrowings under its credit facility.
Watts Water Technologies, Inc., through its subsidiaries, 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. Watts’ expertise in a wide variety of water technologies enables Watts to be a comprehensive supplier to the water industry.