Watts Water Technologies, Inc., (NYSE:WTS) ("Watts") – through its subsidiaries, one of the world's leading manufacturers and providers of plumbing, heating and water quality products and solutions – today announced that it has acquired I-CON Systems Inc. ("I-CON"), a leading provider of plumbing control solutions primarily for the corrections market. I-CON's annualized sales are approximately $25 million. The acquisition was funded with cash on hand.
Chief Executive Officer Robert J. Pagano Jr. commented, "We are excited to welcome the I-CON team to Watts. This acquisition is consistent with our established strategy and further positions Watts for growth. The addition of I-CON's innovative water management systems will allow us to expand our digital offerings and provide growth opportunities in the correctional niche of the institutional market. I want to thank the teams at Watts and I-CON for their efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate I-CON with Watts."
President and CEO of I-CON Systems Shawn Bush stated, "Watts acquisition of I-CON will provide tremendous resources and opportunities for the continued growth of the I-CON brand. The similarities in culture and commitment to innovation and customer excellence will contribute to our long-term success."
Additional information regarding the transaction will be discussed during the Watts fourth quarter earnings call in February 2025.
About Watts Water Technologies, Inc.
Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating and water quality product lines in the world. Watts Water companies and brands offer innovative plumbing, heating and water quality solutions to control the efficiency, safety, and quality of water within commercial, residential and industrial applications. For more information, visit www.watts.com.
About I-CON
I-CON was founded in 1994 in Oviedo Florida. I-CON designs, manufactures and installs intelligent plumbing solutions tailored for the correctional market. For more information visit www.i-con.com.
Forward-Looking Statements
In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Watts provides the following cautionary statement: This news release contains various forward-looking statements based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. These include statements regarding estimates of future earnings and cash flows and expectations as to the closing of the transaction. Other uncertainties include, but are not limited to, general economic conditions, supply chain conditions and any related impact on costs and availability of materials, the ability to obtain regulatory approval without unexpected delays or conditions, integration of the acquired business in a timely and cost-effective manner, retention of supplier and customer relationships and key employees, and the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated. Other risks and uncertainties that may materially affect Watts are described from time to time in its reports filed with the Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. Except to the extent required by law, Watts does not undertake and specifically declines any obligation to review or update any forward looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
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