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NORTH ANDOVER, MA -- Watts Water Technologies, Inc. announced that it has acquired ATS Expansion Group in a stock purchase transaction.
Watts Water Technologies' Chief Executive Officer, Patrick S. O'Keefe, commented, "ATS Expansion Group is a manufacturer of a wide range of products addressing the French wholesale and do-it-yourself markets. Their products include a broad range of fittings, valves and manifolds for water, gas and heating applications and stainless steel flexible hoses.
ATS Expansion Group has three facilities in France located in Sorgues, Grenoble and Houtvillers. ATS markets its products under the well-known brands of Gripp, Porquet and Sirius. Annual revenue of these businesses is approximately 40 million euros."
Mr. O'Keefe continued, "The acquisition of ATS Expansion Group provides us with a broad product offering and entree into the European do-it-yourself market, as well as strengthening our position in the French wholesale and OEM markets.
The aggregate purchase price paid by Watts was 60 million euros and was financed utilizing existing cash and borrowings under the Company's Revolving Line of Credit.
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.
Web site: http://www.wattswater.com/
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