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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 entered into a definitive agreement to acquire Josam Company ("Josam"), a leading provider and manufacturer of drainage and plumbing products for over 100 years. The company offers a comprehensive portfolio of high-quality customized products to a diverse customer base serving commercial, industrial, and multi-family end markets. Josam's annualized sales are approximately $35 million.
Chief Executive Officer Robert J. Pagano Jr. commented, "Today's acquisition is consistent with our established strategy and further positions Watts for growth. The addition of Josam's innovative, specified products to our portfolio will allow us to offer our customers expanded capabilities and solutions. We expect that the company's complementary sales networks and channel relationships will help drive growth and provide increased cross-selling opportunities. With a commitment to providing outstanding customer service, Josam is also a strong cultural fit for Watts. We look forward to welcoming the Josam team to Watts Water Technologies."
President and CEO of Josam Company Scott Holloway Sr. stated, "Watts acquisition of Josam Company will provide tremendous opportunities for the continued growth of the Josam product lines. The resources that Watts offers are essential to taking the Josam product lines to the next level. The similarities in company culture, passion for success and their commitment to advancing the Josam legacy for years to come is a combination that is destined for long-term success."
The transaction is subject to customary closing conditions and is expected to close in January 2024. Additional information regarding the transaction will be discussed during the Watts fourth quarter earnings call in February 2024.
Posted In: WTS
