Watts Water Technologies, Inc. (NYSE: “WTS”) announced today that it
completed the sale of all of the outstanding shares of Watts Insulation
GmbH, an indirect wholly-owned subsidiary of the Company formerly known
as “Austroflex.” The Company received proceeds from the sale of
approximately $9 million. Watts Insulation is an Austrian-based
manufacturer of pre-insulated flexible pipe systems for district
heating, solar applications and under-floor radiant heating systems.
Watts Insulation did not meet performance expectations since its
purchase approximately three years ago. The estimated loss on disposal
of the business is approximately $2 million. Watts Insulation’s results
of operations will be presented as discontinued operations.
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.
Copyright Business Wire 2013