Watts Industries Acquires Valve Business From Atkomatic Valve Co.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 17, 1998--Watts Industries Inc. (NYSE NYSE See: New York Stock Exchange :WTS See Windows Terminal Server. ) announced today that it has acquired the solenoid valve A solenoid valve is an electromechanical valve for use with liquid or gas controlled by running or stopping an electrical current through a solenoid, which is a coil of wire, thus changing the state of the valve. business from privately held Atkomatic Valve Co. located in Indianapolis, Ind. The terms of the deal were not disclosed, however, Watts' Chairman and Chief Executive Officer, Timothy P. Horne, stated, "This acquisition represents the sixth in a series over the past three years that adds to the product offering of our Circle Seal Controls Inc. subsidiary. The Atkomatic product line, with annual sales of approximately $4.5 million, consists of heavy duty process solenoid valves for clean air, gases, liquids, steam, corrosive corrosive /cor·ro·sive/ (kor-o´siv) producing gradual destruction, as of a metal by electrochemical reaction or of the tissues by the action of a strong acid or alkali; an agent that so acts. fluids and cyrogenic fluids and will augment our existing position in these markets." 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. CONTACT: Watts Industries Inc. Kenneth J. McAvoy, 978/688-1811 |
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