Watts Water Technologies Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer | ||
of Incorporation) | Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05Costs Associated with Exit or Disposal Activities.
On February 3, 2025, the Board of Directors of Watts Water Technologies, Inc. (the “Company”) authorized a restructuring program with respect to the Company’s operating facility in Hautvillers-Ouville, France. The restructuring program is expected to include the shutdown of the foundry at the Company’s manufacturing facility in Hautvillers-Ouville, France and the relocation of the facility’s other production activities primarily to other facilities of the Company in France and other locations in Europe. The program is expected to include pre-tax charges totaling approximately $22 million, including costs for severance, relocation, facility exit and clean-up and certain asset write-downs, and result in the elimination of approximately 96 positions at the Hautvillers-Ouville, France facility. Severance costs make up the majority of the program costs and are estimated to approximate $18 million. As a result of the facility consolidations, the net headcount reduction in France is expected to be approximately 68 positions. Total net after-tax charges for this restructuring program are expected to be approximately $16 million, of which non-cash charges are immaterial, with costs being incurred through the end of 2026, at which time the restructuring program is expected to be completed. The Company expects to spend approximately $1 million in capital expenditures to consolidate operations. Annual pre-tax savings are estimated to be approximately $3 million, which the Company expects to fully realize by the end of 2026.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 7, 2025 | WATTS WATER TECHNOLOGIES, INC. | |
|
|
|
|
|
|
| By: | /s/ Kenneth R. Lepage |
|
| Kenneth R. Lepage |
|
| General Counsel, Chief Sustainability Officer, Chief Compliance Officer & Secretary |