NYSE-listed Watts Water takes 80% stake in Apex Valves

NYSE-listed Watts Water takes 80% stake in Apex Valves for US$22 million

By Suze Metherell

Oct. 29 (BusinessDesk) - Watts Water Technologies, the US plumbing and heater manufacturer, has bought a majority stake in New Zealand manufacturer Apex Valves for US$22 million, as it looks to expand into the Asia-Pacific.

The New York stock exchange listed company has signed an agreement to purchase 80 percent of the Auckland-based firm, Watts Water said in its third quarter update. Apex Valves had annual sales of about US$12 million in 2014, with "a strong operating margin profile".

"The Apex acquisition will allow us to expand our Asia-Pacific presence with a leading supplier of control valves for hot water and filtration applications primarily in the New Zealand market place," chief executive Robert Pagano Jr said.

According to the Companies Office website, Kenneth Breckon owns 50 percent of Apex, with investment vehicles connected to the Gracie family.

Watts Water reported a third quarter loss of US$30.2 million in the three months ended Sept. 27, on US$366.3 million in sales, of which Asia-Pacific operations contributed US$10.4 million.

(BusinessDesk)

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