Watts Acquires Cazzaniga S.p.A.NORTH ANDOVER North Andover (ăn`dōvər), town (1990 pop. 22,792), Essex co., NE Mass., on the Merrimack River, in a dairy and farm area; settled c.1644, set off from Andover and inc. 1855. , Mass.--(BUSINESS WIRE)--March 9, 1999--Watts Industries Inc. (NYSE NYSE See: New York Stock Exchange :WTS See Windows Terminal Server. ) announced today that it has acquired Cazzaniga S.p.A. located in Biassono, Italy near Milan. This company, which had latest 12 month sales of $35 million, is an integrated manufacturer of plumbing and heating products including water distribution manifolds, zone valves, radiator air-purge valves and their principal line of thermostatic radiator valves A Thermostatic Radiator Valve, (TRV), is a self regulating valve fitted to hot water heating system radiators. The TRV controls the temperature of a room by regulating the flow of hot water to the radiator. . The manufacturing plant features a yellow brass forging foundry, high speed chucking machines with robotics, German automatic screw machines and extensive automated assembly contained within a 236,000 square foot facility. Cazzaniga employs 185 people. The terms of the deal were not disclosed, however, Watts Industries' Chairman and Chief Executive Officer, Timothy P. Horne, stated, "The acquisition of Cazzaniga is extremely synergistic with our other European Plumbing and Heating companies without much overlap of customers or product ranges. Cazzaniga's vertical manufacturing integration now adds forging and machining capabilities to the Watts European group and complementary product lines which can be sold through the extensive distribution of Watts Europe while, conversely, Watts products can be sold through Cazzaniga's sales outlets which are principally within Italy. Some manufacturing of plumbing and heating products currently subcontracted sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts by Watts Europe will now be integrated into Cazzaniga's manufacturing facility thus lowering product costs." Horne added, "This acquisition gives us some significant dimension of size to more effectively compete within the European markets. The Watts Europe Plumbing and Heating business now has annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of approximately $120 million." Watts Industries Inc. designs, manufactures and sells an extensive line of valves for the Plumbing and Heating, Water Quality, Industrial, and Oil and Gas markets. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion