NYSE: WTS 91.13 +4.77 +5.52% Volume: 210,003 June 5, 2020

Watts Water Technologies Reports Fourth Quarter 2004 Results

February 23, 2005

NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Feb. 23, 2005--Watts Water Technologies, Inc. (NYSE: WTS) today announced results for the fourth quarter ended December 31, 2004, reflecting an increase in sales of 18% over the fourth quarter ended December 31, 2003. Sales were $221,406,000, an increase of $34,260,000, or 18%, compared to the fourth quarter of 2003. Net income was $8,161,000, a decrease of $1,580,000, or 16%, compared to the fourth quarter of 2003. Net income for the fourth quarters of 2004 and 2003 included losses from discontinued operations of $1,688,000 and $43,000, respectively.

Income from continuing operations for the fourth quarter of 2004 was $9,849,000, or $0.30 per share, an increase of $65,000, or 1%, compared to income from continuing operations for the fourth quarter of 2003 of $9,784,000, or $0.34 per share. Income from continuing operations for the fourth quarter of 2004 and 2003 includes costs incurred for our manufacturing restructuring plan of $408,000, or $0.01 per share, and $444,000, or $0.02 per share, respectively.

The year ended December 31, 2004 reflected increases in sales and net income of 17% and 40%, respectively, over the year ended December 31, 2003. Sales were $824,558,000, an increase of $122,699,000, or 17%, compared to the year ended December 31, 2003. Net income for the year ended December 31, 2004, was $46,820,000, an increase of $13,458,000, or 40%, compared to the year ended December 31, 2003. Net income for the years ended December 31, 2004 and December 31, 2003 included losses from discontinued operations of $1,918,000 and $3,057,000, respectively.

Income from continuing operations for the year ended December 31, 2004 was $48,738,000, or $1.49 per share, an increase of $12,319,000, or 34%, compared to income from continuing operations for the year ended December 31, 2003 of $36,419,000, or $1.32 per share. Income from continuing operations for the years ended December 31, 2004 and 2003 included net costs incurred for our manufacturing restructuring plan of $1,825,000, or $0.06 per share, and $1,084,000, or $0.04 per share, respectively.

Earnings per share for the fourth quarter and the full year of 2004 reflect an increase of 15% and 18%, respectively, in outstanding shares resulting from the Company's public offering of Class A Common Stock in December 2003.

During the fourth quarter of 2004, the Company identified and corrected errors related to certain accrued expenses. The after tax adjustments necessary to correct these errors amounted to $2,289,000, or $0.07 per share. The portions of these adjustments that related to the year ended December 31, 2004 and the fourth quarter of 2004 were $1,520,000, or $0.05 per share and $411,000, or $0.01 per share, respectively. The impact of the amount that related to prior periods was not material to any of the financial statements of prior periods, thus the amount related to prior periods was also recorded in the fourth quarter of 2004. The Company estimates that it will record an additional after-tax charge of approximately $900,000, or $0.03 per share, for the nine months ended October 2, 2005.

The following table illustrates the effects of the adjustments on earnings per share from continuing operations and reconciles the unadjusted earnings per share to earnings per share under generally accepted accounting principles:

                            Fourth Quarter Ended      Year Ended
                             December 31, 2004    December 31, 2004
                           ------------------------------------------
As Reported                       $0.30                 $1.49
Adjustments
   Relating to 2004               $0.01                 $0.05
   Relating to earlier
    periods                       $0.06                 $0.02

        Unadjusted                $0.37                 $1.56

In accordance with Section 404 of the Sarbanes-Oxley Act of 2002, management is in the process of performing its annual assessment of the effectiveness of the Company's internal control over financial reporting. In the course of performing its assessment, management has identified certain significant deficiencies, including a significant deficiency that led to the above described accounting error. Management has not yet completed its assessment and has not yet determined whether these deficiencies, individually or in the aggregate, constitute a material weakness.

Patrick S. O'Keefe, Chief Executive Officer, commented, "Excluding the impact of the accrual adjustments, we are pleased with the results from all three of our geographic segments, North America, Europe and China. Our overall increase in sales was achieved by internal growth, the contribution from acquired companies, and the change in foreign exchange rates. In comparing sales from the fourth quarter of 2003 to the fourth quarter of 2004, our internal growth rate was 10% and contributed $18,791,000, the acquisitions of Orion Enterprises, Inc, TEAM Precision Pipework, Ltd, and Flowmatic Systems, Inc. contributed $9,903,000, or 5%, and the change in foreign exchange rates contributed $5,566,000, or 3%, due primarily to the strengthening of the euro versus the U.S. dollar."

"Our North American segment sales for the fourth quarter of 2004 increased 20% to $144,972,000 compared to $120,400,000 for the fourth quarter of 2003. This increase in North American sales was due to internal sales growth of $16,623,000, or 14%, the inclusion of $7,221,0000 in sales from Orion Enterprises, Inc., acquired on May 21, 2004, and Flowmatic Systems, Inc., acquired on January 5, 2004 and $728,000 due to favorable foreign exchange rates associated with the strengthening of the Canadian dollar versus the U.S. dollar."

"Internal sales growth in the North American wholesale market increased 11% over the fourth quarter of 2003. This increase was led by increased sales of backflow prevention units, as well as strength in our plumbing and under-floor radiant heating product lines. Our internal sales growth in the North American home improvement retail market increased 21% for the fourth quarter of 2004 over the fourth quarter of 2003."

"We derived 32% of our total sales for the fourth quarter of 2004 from Europe. European sales increased $8,329,000, or 14%, compared to the fourth quarter of 2003. This increase is comprised of $4,838,000 due to favorable foreign exchange rates associated with the strengthening of the euro versus the U.S. dollar, the inclusion of $2,682,000 in sales from TEAM Precision Pipework, Ltd., acquired on April 16, 2004 and internal sales growth of $809,000. This organic growth is predominately due to market share gains in the wholesale market partially offset by a soft quarter in the O.E.M. markets."

"We are pleased with the positive operating trends in our Chinese subsidiaries. The plants continue to increase capacity utilization and gain manufacturing efficiencies. These increased manufacturing efficiencies allowed our Chinese operations to generate a profit for the third consecutive quarter. The full year operations of China were also profitable. In addition, we believe we will be able to sustain the profitability of our Chinese operations and, as a result, in the fourth quarter of 2004 we valued a net operating loss carry forward which provided a tax benefit of approximately $322,000, or $0.01 per share."

"In the fourth quarter of 2004 we recorded pre-tax charges of approximately $569,000 in cost of sales and $95,000 in restructuring for costs associated with our manufacturing restructuring program. Additionally, in this quarter we incurred and recorded pre-tax charges of approximately $2,973,000 for costs to comply with the requirements of Section 404 of the Sarbanes-Oxley Act."

"We are particularly pleased with the Company's continued strong cash generation. Since the spin off of our industrial and oil and gas businesses in October 1999, we have continually generated strong levels of cash from operations. We generated $40,210,000 of net cash provided by continuing operations for the year ended December 31, 2004. We had a particularly strong fourth quarter of 2004 generating $42,139,0000 of cash from continuing operations due to improved management of working capital. This strong performance in the fourth quarter resulted in $12,283,000 of free cash flow for the year ended December 31, 2004. (Please refer to Table 1 at the end of this press release for a reconciliation of free cash flow to net cash provided by continuing operations.) The impact of this free cash flow and our financing activities in 2003, net of investments in acquired companies, results in a net debt to capitalization ratio of 16% at December 31, 2004. (Please refer to Table 2 at the end of this press release for a reconciliation of net debt to capitalization.) We are pleased that we have maintained a conservative capital structure while achieving the growth rates which we have realized over the past several years. We maintain a $300,000,000 Revolving Line of Credit of which $218,445,000 was unused and available at December 31, 2004."

Loss from discontinued operations for the fourth quarter of 2004 was $1,688,000, or $0.05 per share, compared to loss from discontinued operations for the fourth quarter of 2003 of $43,000, or $0.00 per share. Loss from discontinued operations for the fourth quarter of 2004 includes an after tax charge of $783,000 or $0.02 per share, for the planned divesture of Jameco International, LLC and after tax charges of $905,000 attributable to legal fees associated with the James Jones litigation. In the fourth quarter of 2004, the Company recorded an impairment charge to write down the investment in its minority owned subsidiary, Jameco International, LLC., to an estimated fair value. Prior periods reflect Jameco International, LLC as discontinued operations.

On January 5, 2004, the Company acquired substantially all of the assets of Flowmatic Systems, Inc. located in Dunnellon, Florida, for approximately $16,800,000 in cash. Flowmatic designs and distributes high quality reverse osmosis components and filtration equipment. Flowmatics product lines include stainless steel and plastic housings, filter cartridges, storage tanks, control valves, as well as complete reverse osmosis systems for residential and commercial applications.

On April 16, 2004, the Company acquired 90% of the outstanding stock of TEAM Precision Pipework, Ltd., located in Ammanford, West Wales, United Kingdom for approximately $17,200,000 subject to final adjustments, if any, as stipulated in the purchase and sale agreement. TEAM custom designs and manufactures manipulated pipe and hose tubing assemblies, which are utilized in the heating ventilation and air conditioning markets. TEAM is a supplier to major original equipment manufacturers of air conditioning systems and several of the major European automotive air conditioning manufacturers.

On May 21, 2004, the Company acquired 100% of the stock of McCoy Enterprises, Inc., which we subsequently renamed Orion Enterprises, Inc. located in Kansas City, Kansas, for approximately $27,900,000 in cash. Orion distributes its products under the brand names of Orion, FloSafe and Laboratory Enterprises. Orion's product lines include a complete line of acid resistant waste disposal products, double containment piping systems, as well as, a line of high purity pipes, fittings and faucets.

On January 4, 2005, the Company acquired Sea Tech, Inc. located in Wilmington, North Carolina in an asset purchase transaction for approximately $10,000,000 in cash. Sea Tech, which was established in 1995, provides cost effective solutions for fluidic connection needs. Sea Tech offers a wide range of standard and custom quick connect fittings, valves and manifolds and pex tubing designed to address specific customer requirements.

On January 5, 2005, the Company acquired HF Scientific, Inc. located in Fort Myers, Florida, in a stock purchase transaction for approximately $7,800,000 in cash. HF Scientific manufactures and distributes a line of instrumentation equipment, test kits and chemical reagents used for monitoring water quality in a variety of applications.

Watts Water Technologies, Inc. will hold a live webcast of its conference call to discuss fourth quarter results for 2004 on February 24, 2005, at 10:00 a.m. Eastern Time. This press release and the live webcast can be accessed by visiting the Investors section of the Company's website at www.wattswater.com. Following the webcast, an archived version of the call will be available at the same address until 2006.

Watts Water Technologies, Inc. is a world leader in the manufacture of innovative products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. Its expertise in a wide variety of water technologies enables it to be a comprehensive supplier to the water industry.

To supplement our unaudited consolidated financial statements presented on a generally accepted accounting principles (GAAP) basis, we sometimes use non-GAAP measures of net income, net income per share, income from continuing operations or income from continuing operations per share, net cash provided by continuing operations and, with respect to the effect of the adjustments made to correct the above described errors, earnings per share from continuing operations that we believe are appropriate to enhance an overall understanding of our historical financial performance and future prospects. The non-GAAP results, which are adjusted to exclude certain pre-tax charges, costs, expenses, gains and losses from the comparable GAAP measures, are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. These non-GAAP results are among the primary indicators management uses as a basis for evaluating our financial performance as well as for forecasting future periods. For these reasons, management believes these non-GAAP measures can be useful to investors, potential investors and others. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income, income per share or other measures prepared in accordance with GAAP.

This Press Release includes statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Watts Water Technologies' current views about future results of operations and other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because Watts' actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the following: shortages in and pricing of raw materials and supplies including price increases by suppliers of raw materials and the Company's ability to pass these costs on to customers, loss of market share through competition, introduction of competing products by other companies, pressure on prices from competitors, suppliers, and/or customers, diversion of management's attention and costs associated with efforts to comply with Section 404 of the Sarbanes-Oxley Act of 2002, failure to meet the new requirements under Section 404 of the Sarbanes-Oxley Act of 2002, identification and disclosure of material weaknesses in our internal controls over financial reporting, failure to expand our markets through acquisitions, failure or delay in developing new products, lack of acceptance of new products, failure to manufacture products that meet required performance and safety standards, foreign exchange rate fluctuations, cyclicality of industries, such as plumbing and heating wholesalers and home improvement retailers, in which the Company markets certain of its products, economic factors, such as the levels of housing starts and remodeling, impacting the markets where the Company's products are sold, manufactured, or marketed, environmental compliance costs, product liability risks, the results and timing of the Company's manufacturing restructuring plan, changes in the status of current litigation, including the James Jones case, and other risks and uncertainties discussed under the heading "Certain Factors Affecting Future Results" in the Watts Water Technologies, Inc. Annual Report on Form 10-K for the year ended December 31, 2003 filed with the Securities Exchange Commission and other reports Watts files from time to time with the Securities and Exchange Commission. Watts does not intend to, and undertakes no duty to, update the information contained in this Press Release.

           WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         (Amounts in thousands, except per share information)
                             (Unaudited)

                                 Fourth Quarter        Years Ended
                                      Ended
                                December  December  December  December
                                   31,       31,       31,       31,
                                  2004      2003      2004      2003
                                --------  --------  --------  --------
STATEMENTS OF INCOME
--------------------

Net sales                      $221,406  $187,146  $824,558  $701,859

Income from continuing
 operations                    $  9,849  $  9,784  $ 48,738  $ 36,419
Loss from discontinued
 operations                      (1,688)      (43)   (1,918)   (3,057)
                                --------  --------  --------  --------
Net income                     $  8,161  $  9,741  $ 46,820  $ 33,362
                                ========  ========  ========  ========


DILUTED EARNINGS PER SHARE
--------------------------

Weighted Average Number of
 Common Shares & Equivalents     32,901    28,524    32,719    27,692

Earnings per Share:
     Continuing operations     $   0.30  $   0.34  $   1.49  $   1.32
     Discontinued operations      (0.05)    (0.00)    (0.06)    (0.11)
                                --------  --------  --------  --------
     Net income                $   0.25  $   0.34  $   1.43  $   1.21
                                ========  ========  ========  ========


Cash dividends per share       $   0.07  $   0.07  $   0.28  $   0.25



           WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS
          (Amounts in thousands, except share information)
                             (Unaudited)


                                                 December   December
                                                    31,        31,
ASSETS                                             2004       2003
                                                 ---------  ---------
CURRENT ASSETS:
   Cash and cash equivalents                    $  92,513  $ 149,001
   Trade accounts receivable, less allowance for
    doubtful accounts of
      $7,551 at Decmber 31, 2004 and $7,772 at
       December 31, 2003                          150,073    135,170
   Inventories, net:
      Raw materials                                53,942     41,998
      Work in process                              28,020     21,870
      Finished goods                              121,082     90,253
                                                 ---------  ---------
         Total Inventories                        203,044    154,121
   Prepaid expenses and other assets               14,359     10,355
   Deferred income taxes                           27,463     23,889
   Assets of discontinued operations               10,227     10,358
                                                 ---------  ---------
      Total Current Assets                        497,679    482,894
                                                 ---------  ---------
PROPERTY, PLANT AND EQUIPMENT:
   Property, plant and equipment, at cost         321,655    284,087
   Accumulated depreciation                      (170,966)  (138,521)
                                                 ---------  ---------
      Property, plant and equipment, net          150,689    145,566
                                                 ---------  ---------
OTHER ASSETS:
   Goodwill                                       226,178    184,901
   Other                                           49,702     27,557
                                                 ---------  ---------
TOTAL ASSETS                                    $ 924,248  $ 840,918
                                                 =========  =========


LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
   Accounts payable                             $  73,606  $  73,607
   Accrued expenses and other liabilities          64,604     54,843
   Accrued compensation and benefits               29,679     18,466
   Current portion of long-term debt                4,981     11,689
   Liabilities of discontinued operations          24,303     16,031
                                                 ---------  ---------
      Total Current Liabilities                   197,173    174,636
                                                 ---------  ---------
LONG-TERM DEBT, NET OF CURRENT PORTION            180,562    179,061
DEFERRED INCOME TAXES                              19,578     15,978
OTHER NONCURRENT LIABILITIES                       26,632     25,085
MINORITY INTEREST                                   7,515      9,767
STOCKHOLDERS' EQUITY:
   Preferred Stock, $.10 par value; 5,000,000
    shares authorized; no shares issued
    or outstanding                                   -          -
   Class A Common Stock, $.10 par value;
    80,000,000 shares authorized;
    1 vote per share; issued and outstanding:
    25,049,338 shares at
    December 31, 2004 and 24,459,121 shares at
    December 31, 2003                               2,505      2,446
   Class B Common Stock, $.10 par value;
    25,000,000 shares authorized;
    10 votes per share; issued and
    outstanding: 7,343,880 shares at
    December 31, 2004 and 7,605,224 shares at
    December 31, 2003                                 734        761
   Additional paid-in capital                     139,434    132,983
   Deferred compensation                             (648)         -
   Retained earnings                              324,145    286,396
   Accumulated other comprehensive income          26,618     13,805
                                                 ---------  ---------
      Total Stockholders' Equity                  492,788    436,391
                                                 ---------  ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $ 924,248  $ 840,918
                                                 =========  =========



           WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
         (Amounts in thousands, except per share information)
                             (Unaudited)

                                 Fourth Quarter        Years Ended
                                     Ended
                                ------------------  ------------------
                                December  December  December  December
                                   31,       31,       31,       31,
                                  2004      2003      2004      2003
                                --------  --------  --------  --------
Net sales                      $221,406  $187,146  $824,558  $701,859
Cost of goods sold              145,752   120,983   533,997   461,994
                                --------  --------  --------  --------
    GROSS PROFIT                 75,654    66,163   290,561   239,865
Selling, general &
 administrative expenses         60,058    46,077   207,590   169,438
Restructuring                        95       312        95       426
                                --------  --------  --------  --------
    OPERATING INCOME             15,501    19,774    82,876    70,001
                                --------  --------  --------  --------
Other (income) expense:
    Interest income                (343)     (299)   (1,135)   (1,043)
    Interest expense              2,634     3,545    10,564    12,108
    Minority interest               308      (106)    1,203      (554)
    Other                            67       877      (428)      748
                                --------  --------  --------  --------
                                  2,666     4,017    10,204    11,259
                                --------  --------  --------  --------
     INCOME FROM CONTINUING
      OPERATIONS BEFORE INCOME
      TAXES                      12,835    15,757    72,672    58,742
Provision for income taxes        2,986     5,973    23,934    22,323
                                --------  --------  --------  --------
    INCOME  FROM CONTINUING
     OPERATIONS                   9,849     9,784    48,738    36,419
Loss from discontinued
 operations, net of taxes        (1,688)      (43)   (1,918)   (3,057)
                                --------  --------  --------  --------
    NET INCOME                 $  8,161  $  9,741  $ 46,820  $ 33,362
                                ========  ========  ========  ========
BASIC EPS
Income (loss) per share:
    Continuing operations      $   0.30  $   0.35  $   1.51  $   1.33
    Discontinued operations       (0.05)    (0.00)    (0.06)    (0.11)
                                --------  --------  --------  --------
    NET INCOME                 $   0.25  $   0.35  $   1.45  $   1.22
                                ========  ========  ========  ========
Weighted average number of
 shares                          32,369    28,184    32,276    27,455
                                ========  ========  ========  ========
DILUTED EPS
Income (loss) per share:
    Continuing operations      $   0.30  $   0.34  $   1.49  $   1.32
    Discontinued operations       (0.05)    (0.00)    (0.06)    (0.11)
                                --------  --------  --------  --------
    NET INCOME                 $   0.25  $   0.34  $   1.43  $   1.21
                                ========  ========  ========  ========
Weighted average number of
 shares                          32,901    28,524    32,719    27,692
                                ========  ========  ========  ========
     Dividends per share       $   0.07  $   0.07  $   0.28  $   0.25
                                ========  ========  ========  ========



            WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
                          SEGMENT INFORMATION
                        (Amounts in thousands)
                              (Unaudited)


                               Net Sales

                                    Fourth Quarter      Years Ended
                                         Ended
                                   ----------------- -----------------
                                   December December December December
                                      31,      31,      31,      31,
                                     2004     2003     2004     2003
                                   -------- -------- -------- --------

North America                      144,972  120,400  545,139  472,518
Europe                              69,834   61,505  253,234  210,614
China                                6,600    5,241   26,185   18,727
                                   -------- -------- -------- --------
Total                              221,406  187,146  824,558  701,859
                                   ======== ======== ======== ========


                           Operating Income

                                    Fourth Quarter      Years Ended
                                         Ended
                                   ----------------- -----------------
                                   December December December December
                                      31,      31,      31,      31,
                                     2004     2003     2004     2003
                                   -------- -------- -------- --------

North America                       13,755   17,391   68,558   64,375
Europe                               8,137    6,969   31,597   22,592
China                                  581     (980)   1,857   (3,834)
Corporate                           (6,972)  (3,606) (19,136) (13,132)
                                   -------- -------- -------- --------
Total                               15,501   19,774   82,876   70,001
                                   ======== ======== ======== ========



            WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES

                                TABLE 1
 RECONCILIATION OF NET CASH PROVIDED BY CONTINUING OPERATIONS TO FREE
                               CASH FLOW
                              (Thousands)
                              (Unaudited)

                                                       Years Ended
                                                    December  December
                                                       31,       31,
                                                      2004      2003
                                                    --------  --------

Net cash provided by continuing operations         $ 40,210  $ 51,068
Less: additions to property, plant, and equipment   (20,999)  (20,030)
Plus: proceeds from the sale of property, plant,
 and equipment                                        2,143     1,765
Less: dividends                                      (9,071)   (6,859)
                                                    --------  --------
Free cash flow                                     $ 12,283  $ 25,944
                                                    ========  ========


                                TABLE 2
             RECONCILIATION OF NET DEBT TO CAPITALIZATION
                              (Thousands)
                              (Unaudited)


                                                   December  December
                                                      31,       31,
                                                     2004      2003
                                                   --------  ---------

Current portion of long-term debt                 $  4,981  $  11,689
Plus: Long-term debt, net of current portion       180,562    179,061
Less: Cash and cash equivalents                    (92,513)  (149,001)
                                                   --------  ---------
Net debt                                          $ 93,030  $  41,749
                                                   ========  =========

Net debt                                          $ 93,030  $  41,749
Plus: Total stockholders' equity                   492,788    436,391
Plus: Minority interest                              7,515      9,767
                                                   --------  ---------
Capitalization                                    $593,333  $ 487,907
                                                   ========  =========

CONTACT: Watts Water Technologies, Inc.
William C. McCartney, 978-688-1811
Chief Financial Officer

SOURCE: Watts Water Technologies, Inc.

IR Contact

Tim MacPhee, Treasurer,

Vice President Investor Relations

978-689-6201

investorrelations@wattswater.com

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