Watts Water Technologies, Inc. (NYSE: WTS) today announced that Ram
Ramakrishnan has been appointed as Executive Vice President, Strategy
and Business Development. In this role, Mr. Ramakrishnan will be
responsible for leading the development of Watts Water’s strategic
planning and growth processes as well as leading the Company’s domestic
and international acquisition activities. Mr. Ramakrishnan brings many
years of experience in developing corporate and business strategies and
in achieving growth through organic initiatives and acquisitions. Most
recently, he was Vice President of New Growth Platforms at Avery
Dennison Corporation. Prior to Avery Dennison, Mr. Ramakrishnan was Vice
President, Strategy and Corporate Development at Millipore Corporation.
Earlier, he served as Senior Vice President, Growth at Pentair, Inc.
where he led the strategic transformation of the company, orchestrating
and integrating 20 water-related acquisitions. He began his career as a
Global Strategist for McKinsey & Company. Mr. Ramakrishnan holds a
Bachelor of Technology degree in Chemical Engineering from the Indian
Institute of Technology and a Master of Business Administration degree
from Harvard Business School.
David J. Coghlan, President and Chief Executive Officer, commented, “We
are very pleased to add to our team someone with Ram’s expertise in
developing business strategies coupled with his extensive experience in
acquisitions. We believe that Ram will be a valuable asset to our
Company in continuing to grow and expand our business globally.”
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.
This Press Release includes statements that are not historical facts and
are considered forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect Watts Water Technologies’ current views about future
results of operations and other forward-looking information. In some
cases you can identify these statements by forward-looking words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“should” and “would” or similar words. You should not rely on
forward-looking statements because Watts’ actual results may differ
materially from those indicated by these forward-looking statements as a
result of a number of important factors. These factors include, but are
not limited to, the following: the effectiveness of our operational
excellence initiatives and cost recovery actions; the current economic
and financial condition, which can affect levels of housing starts and
remodeling, affecting the markets where the Company’s products are sold,
manufactured, or marketed; shortages in and pricing of raw materials and
supplies; difficulties in converting lead free products; loss of market
share through competition; introduction of competing products by other
companies; pressure on prices from competitors, suppliers, and/or
customers; changes in variable interest rates on Company borrowings;
identification and disclosure of material weaknesses in our internal
control over financial reporting; failure to expand our markets through
acquisitions; failure or delay in developing new products; lack of
acceptance of new products; failure to manufacture products that meet
required performance and safety standards; foreign exchange rate
fluctuations; cyclicality of industries, such as plumbing and heating
wholesalers and home improvement retailers, in which the Company markets
certain of its products; environmental compliance costs; product
liability costs; the results and timing of the Company’s manufacturing
restructuring plan; changes in the status of current litigation; and
other risks and uncertainties discussed under the heading “Item 1A. Risk
Factors” and in Note 14 of the Notes to the Consolidated Financial
Statements in the Watts Water Technologies, Inc. Annual Report on Form
10-K for the year ended December 31, 2012 filed with the Securities
Exchange Commission and other reports Watts files from time to time with
the Securities and Exchange Commission. Watts does not intend to, and
undertakes no duty to, update the information contained in this Press
Release, except as required by law.
Copyright Business Wire 2013