Watts Industries has signed a definitive agreement to acquire the assets and business of Changsha Valve Works, located in Changsha, China. Changsha Valve Works is a leading manufacturer of large diameter hydraulic actuated butterfly valves for thermo-power and hydro-power plants, water distribution projects and water works projects.
Changsha Valve works was founded in 1958 and has 385 employees, with annual revenue of approximately $8 million. Upon closing of the transaction, the Changsha Valve Works business will be operated as a wholly foreign owned enterprise of Watts.
Patrick O’Keefe, Chief Executive Officer for Watts Industries, commented: “Changsha Valve Works is one of the leading companies addressing the water works and water distribution markets. It comes to us with a well-known brand name and a significant level of technical expertise that will provide Watts with many opportunities over the coming years to serve this fast-growing market.”
The acquisition of Changsha Valve Works is expected to close by the end of January 2006.
