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 completed the acquisition of the Industrial Company for Castings and Sanitary Fittings ("Saudi Cast"), a manufacturer of cast iron and stainless steel drainage solutions located in Riyadh, Saudi Arabia. Saudi Cast offers high quality, specified drainage solutions serving the non-residential and industrial markets. Saudi Cast has annualized sales of approximately $20 million and will be included in the Asia-Pacific, Middle East and Africa (APMEA) region. The acquisition was funded with cash on hand.
Chief Executive Officer Robert J. Pagano Jr. commented, "We are excited to welcome the Saudi Cast team to Watts. This strategic acquisition further expands our presence in Saudi Arabia and the Middle East and accelerates our vision of delivering innovative, reliable, and sustainable water solutions across global markets. We are excited about the opportunities this acquisition presents in this growing and underpenetrated market. We look forward to a smooth, effective transition as we integrate Saudi Cast with Watts."
About Watts Water Technologies, Inc.
Watts Water Technologies, Inc., through its subsidiaries, is a world leader in the manufacturing 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 us to be a comprehensive supplier to the water industry. For more information, visit www.watts.com.
About Saudi Cast
Saudi Cast is a leading manufacturer of indoor and outdoor drainage solutions, serving essential infrastructure sectors including water, construction, and energy throughout the Middle East. With a legacy of quality and technical excellence, Saudi Cast is a trusted partner in the region's growth. For more information, visit SaudiCast.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. Other uncertainties include, but are not limited to, general economic conditions, supply chain conditions and any related impact on costs and availability of materials, 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.
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Watts Water Technologies, Inc.
Diane McClintock
Chief Financial Officer
Telephone: 978-689-6153
Email: [email protected]