NYSE: WTS 86.38 +2.61 +3.12% Volume: 147,935 June 3, 2020

Watts Water Technologies Reports Fourth Quarter 2005 Results

February 07, 2006

NORTH ANDOVER, Mass., Feb 07, 2006 (BUSINESS WIRE) -- Watts Water Technologies, Inc. (NYSE: WTS) today announced results for the fourth quarter ended December 31, 2005. Sales were $244,407,000, an increase of $23,001,000, or 10%, compared to the fourth quarter of 2004. Net income for the fourth quarter ended December 31, 2005 was $14,960,000, or $0.45 per share, which includes a loss from discontinued operations of $236,000, or $0.01 per share, versus net income of $8,161,000, or $0.25 per share, which included a loss from discontinued operations of $1,688,000, or $0.05 per share, for the fourth quarter of 2004. Income from continuing operations for the fourth quarter ended December 31, 2005 increased by $5,347,000, or 54%, to $15,196,000, or $0.46 per share, compared to income from continuing operations for the fourth quarter of 2004 of $9,849,000, or $0.30 per share. Net income and income from continuing operations in 2004 included a charge of $2,289,000 or $0.07 per share that corrected certain accrued expenses.

Costs incurred for our manufacturing restructuring plan, net of tax, in the fourth quarters of 2005 and 2004 were $241,000, or $0.01 per share, and $408,000, or $0.01 per share, respectively.

Sales for the year ended December 31, 2005 were $924,346,000, an increase of $99,788,000, or 12%, compared to the year ended December 31, 2004. Net income for the year ended December 31, 2005, was $54,599,000, or $1.66 per share, which includes a loss from discontinued operations of $421,000, or $0.01 per share, versus net income of $46,820,000, or $1.43 per share, which included a loss from discontinued operations of $1,918,000, or $0.06 per share, for the year ended December 31, 2004. Income from continuing operations increased $6,282,000, or 13%, to $55,020,000, or $1.67 per share, for the year ended December 31, 2005 compared to income from continuing operations of $48,738,000, or $1.49 per share, for the previous year.

Costs incurred for our manufacturing restructuring plan, net of tax, for the years ended 2005 and 2004 were $1,633,000, or $0.05 per share, and $1,825,000, or $0.06 per share, respectively.

The overall increase in fourth quarter sales was achieved by internal growth and contributions from acquired companies, offset by an adverse change in foreign exchange rates. Organic growth was 7% and contributed $14,924,000; acquisitions contributed 6% or $14,163,000 and a net unfavorable foreign exchange movement primarily due to the euro devaluation against the dollar, negatively impacted sales by 3% or $6,086,000. Acquired growth was attributable to the December 2005 acquisitions of Core Industries Inc. (Febco, Mueller Specialty Steam and Polyjet Valves product lines) and Dormont Manufacturing Company, the November 2005 acquisition of Flexflow Tubing LLP, the July 2005 acquisitions of the water connecter business of the Donald E. Savard Company and Microflex N.V., the June 2005 acquisition of the water softener business of Alamo Water Refiners, Inc., the May 2005 acquisition of Electro Controls Ltd., and the January 2005 acquisitions of HF Scientific, Inc. and Sea Tech, Inc.

North American segment sales increased for the fourth quarter ended December 31, 2005 by 14% to $165,315,000 compared to $144,972,000 for the prior year. This increase in North American sales was achieved through internal sales growth of $9,120,000, the inclusion of sales from the acquisitions of Core Industries Inc., Dormont Manufacturing Company, Flexflow Tubing LLP, the water connecter business of the Donald E. Savard Company, the water softener business of Alamo Water Refiners, Inc., HF Scientific, Inc. and Sea Tech, Inc. totaling $10,714,000, and $509,000 due to favorable foreign exchange rates associated with the strengthening of the Canadian dollar versus the U.S. dollar.

Organic sales in the North American wholesale market increased 7% over the fourth quarter of 2004. This increase was led by increased sales of backflow prevention units, as well as strength in the plumbing and under-floor radiant heating product lines. Internal sales growth in the North American home improvement retail market was 5% for the fourth quarter of 2005 over the fourth quarter of 2004.

Foreign sales accounted for 38% of total sales for the fourth quarter of 2005, with 29% generated by Europe, 6% from Canada and 3% from China.

European sales increased $888,000, or 1%, to $70,722,000 compared to the fourth quarter of 2004. Internal growth of 6%, or $4,231,000, and acquired growth of 5%, or $3,449,000, were almost completely offset by an unfavorable foreign exchange movement associated with the weakening of the euro versus the US dollar of $6,792,000. The acquired growth is due to the inclusion of the acquired sales of Microflex N.V. and Electro Controls Ltd. Europe experienced increased market share gains in Germany due to increased marketing and sales efforts and increased sales into the Eastern European wholesale market, offset by decreased sales in the OEM market primarily due to the weak economic environments.

China's sales increased $1,770,000, or 27%, to $8,370,000 compared to the fourth quarter of 2004. Internal growth was $1,573,000, or 24%, and was augmented by a favorable foreign currency movement of approximately 3% as the yuan strengthened against the U.S. dollar. Sales increased into the domestic Chinese marketplace with some softening of third-party export sales.

Operating income in the quarter ended December 31, 2005 increased by $9,914,000, or 61%, to $26,139,000 as compared to $16,225,000 in 2004. Operating income in the fourth quarter of 2004 included a pre-tax charge of $4,258,000 that corrected certain accrued expenses. Internal growth provided 50%, or $5,008,000, of the quarter-on-quarter operating income growth with positive performances from each region. Acquisitions provided $1,057,000, or 11%, of the increase with negative foreign exchange movements and reduced quarter-on-quarter restructuring costs making up the remainder. Operating margin was 10.7% for the quarter ended December 31, 2005 versus 9.3%, adjusted for the pre-tax charge above, for the quarter ended December 31, 2004. Sequential operating margin increased from 9.8% for the third quarter ended October 2, 2005 as the Company experienced slightly higher margins and also benefited from reduced insurance and Sarbanes Oxley costs.

In the quarter ended December 31, 2005, the Company recorded in cost of sales a net pre-tax charge of approximately $111,000 primarily for costs related to European restructuring efforts. Additionally, approximately $267,000 for European severance related charges were charged to selling, general and administrative expenses. Costs related with the Sarbanes-Oxley Act were reduced approximately $1,400,000 from the fourth quarter of 2004.

The effective tax rate for the fourth quarter of 2005 was 36% compared with 23% in the fourth quarter of 2004. In the fourth quarter of 2004, the Company benefited from previously unrecognized deferred tax assets of approximately $800,000 in China, of which $322,000 related to net operating loss carry forwards. Further, in the fourth quarter of 2004, the Company recorded a benefit for certain state tax credits of $164,000 and recorded a credit of $462,000 as part of accounting corrections made. Earnings mix between periods also contributed to the increase in the effective tax rate in the fourth quarter of 2005.

The loss from discontinued operations in the fourth quarter of 2005 is comprised of an after-tax charge of $236,000, or $0.01 per share, for costs associated with the James Jones litigation as compared with a loss of $1,688,000, or $0.05 per share, in 2004 which included an after-tax charge of $783,000 for the divestiture of Jameco International, LLC and $905,000 in James Jones-related legal costs.

The Company generated $51,867,000 in net cash provided from continuing operations for the year ended December 31, 2005 as compared to $40,210,000 for the year ended December 31, 2004. Free cash flow for the year ended December 31, 2005 was $23,449,000 compared with $12,283,000 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 Company's net debt to capitalization ratio increased to 33% for the year ended December 31, 2005 from 19% in the prior year as the result of the Company's acquisition program in 2005 which was funded with approximately $153,500,000 in debt financing during the year (Please refer to Table 2 at the end of this press release for a reconciliation of long-term debt (including current portion) to net debt and net debt to capitalization ratio).

Addressing the results for the fourth quarter, Patrick S. O'Keefe, Chief Executive Officer, commented, "We are pleased with our overall performance in the fourth quarter of 2005. Despite near-record high commodity prices, especially in oil and copper-based raw materials, unfavorable movement in the euro against the dollar and a tepid economic environment throughout much of Europe, we achieved record results for the quarter. All regions delivered solid operational growth in sales and operating income. Our 2005 acquisitions contributed as expected and helped to boost margins, especially in Europe. We continued our program to reduce manufacturing costs by sourcing product from, and consolidating operations into, low-cost areas in an effort to counteract commodity pressure on margins. We have leveraged our balance sheet in order to fund acquisitions, but due to our disciplined approach to growth, we have maintained a conservative capital structure. At December 31, 2005, we maintained approximately $100,000,000 in unused and available funding from our revolving credit facility."

To supplement our unaudited consolidated financial statements presented on a generally accepted accounting principles (GAAP) basis, we sometimes use non-GAAP measures, such as free cash flow and the net debt to capitalization ratio, that we believe are appropriate to enhance an overall understanding of our historical financial performance and future prospects. The non-GAAP items, which are adjusted to exclude certain cash inflows and outlays, and include only certain balance sheet accounts from the comparable GAAP measures, are an indication of our performance in cash flow generation and also provide an indication of the Company's relative balance sheet leverage to other industrial manufacturing companies. These non-GAAP measures are among the primary indicators management uses as a basis for evaluating our cash flow generation and our capitalization structure. 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 changes in cash and cash equivalents prepared in accordance with GAAP.

Watts Water Technologies, Inc. will hold a live web cast of its conference call to discuss fourth quarter results for 2005 on Wednesday, February 8, 2006, at 11:00 a.m. Eastern Time. This press release and the live web cast can be accessed by visiting the Investors section of the Company's website at www.wattswater.com. Following the web cast, an archived version of the call will be available at the same address until February 8, 2007.

The Company's 2006 Annual Meeting of Stockholders will be held at 10:00 a.m. on Thursday, May 4, 2006 at The Andover Inn at Phillips Academy, Chapel Avenue, Andover, Massachusetts.

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.

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 recent 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, changes in variable interest rates on Company borrowings, 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, affecting 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, 2004 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



                               Fourth Quarter          Year Ended
                                    Ended
                             -------------------  --------------------
                             December  December   December   December
                                31,       31,        31,        31,
                               2005      2004       2005       2004
                             --------- ---------  ---------  ---------
STATEMENTS OF INCOME
-----------------------------

Net sales                    $244,407  $221,406   $924,346   $824,558

Income from continuing
 operations                   $15,196    $9,849    $55,020    $48,738
Loss from discontinued
 operations                      (236)   (1,688)      (421)    (1,918)
                             --------- ---------  ---------  ---------
Net income                    $14,960    $8,161    $54,599    $46,820
                             ========= =========  =========  =========


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

Weighted Average Number of
 Common Shares & Equivalents   32,990    32,901     33,002     32,719

Income (loss) per Share:
     Continuing operations      $0.46     $0.30      $1.67      $1.49
     Discontinued operations    (0.01)    (0.05)     (0.01)     (0.06)
                             --------- ---------  ---------  ---------
     Net income                 $0.45     $0.25      $1.66      $1.43
                             ========= =========  =========  =========


Cash dividends per share        $0.08     $0.07      $0.32      $0.28



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


                                                  December   December
                                                     31,        31,
ASSETS                                              2005       2004
                                                 ----------- ---------
CURRENT ASSETS:
   Cash and cash equivalents                        $45,758   $65,913
   Investment securities                                  -    26,600
   Trade accounts receivable, less allowance for
    doubtful accounts of $9,296 in 2005 and
    $7,551 in 2004                                  177,364   150,073
   Inventories, net:
      Raw materials                                  84,087    61,250
      Work in process                                23,126    28,020
      Finished goods                                135,624   115,779
                                                 ----------- ---------
         Total Inventories                          242,837   205,049
   Prepaid expenses and other assets                 25,361    10,786
   Deferred income taxes                             27,540    27,463
   Assets of discontinued operations                  9,555    10,227
                                                 ----------- ---------
      Total Current Assets                          528,415   496,111
                                                 ----------- ---------
PROPERTY, PLANT AND EQUIPMENT:
   Property, plant and equipment, at cost           328,812   321,655
   Accumulated depreciation                        (163,813) (170,966)
                                                 ----------- ---------
      Property, plant and equipment, net            164,999   150,689
                                                 ----------- ---------
OTHER ASSETS:
   Goodwill                                         296,636   226,178
   Other                                            110,920    49,702
                                                 ----------- ---------
TOTAL ASSETS                                     $1,100,970  $922,680
                                                 =========== =========


LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
   Accounts payable                                 $91,053   $72,038
   Accrued expenses and other liabilities            67,071    61,736
   Accrued compensation and benefits                 28,496    29,679
   Current portion of long-term debt                 13,635     4,981
   Liabilities of discontinued operations            23,068    24,303
                                                 ----------- ---------
      Total Current Liabilities                     223,323   192,737
                                                 ----------- ---------
LONG-TERM DEBT, NET OF CURRENT PORTION              293,350   180,562
DEFERRED INCOME TAXES                                24,803    19,578
OTHER NONCURRENT LIABILITIES                         32,187    29,500
MINORITY INTEREST                                     7,831     7,515

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: 25,205,210
    shares in 2005 and 25,049,338 shares in 2004      2,521     2,505
   Class B Common Stock, $.10 par value;
    25,000,000 shares authorized; 10 votes per
    share; issued and outstanding: 7,343,880
    shares in 2005 and 2004                             734       734
   Additional paid-in capital                       144,284   140,172
   Retained earnings                                368,264   324,145
   Deferred compensation                             (1,590)   (1,386)
   Accumulated other comprehensive income             5,263    26,618
                                                 ----------- ---------
      Total Stockholders' Equity                    519,476   492,788
                                                 ----------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $1,100,970  $922,680
                                                 =========== =========



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

                               Fourth Quarter          Year Ended
                                    Ended
                             -------------------  --------------------
                             December  December   December   December
                                31,       31,        31,        31,
                               2005      2004       2005       2004
                             --------- ---------  ---------  ---------
Net sales                    $244,407  $221,406   $924,346   $824,558
Cost of goods sold            158,079   145,752    599,644    533,997
                             --------- ---------  ---------  ---------
   GROSS PROFIT                86,328    75,654    324,702    290,561
Selling, general &
 administrative expenses       60,189    59,429    230,147    206,961
                             --------- ---------  ---------  ---------
   OPERATING INCOME            26,139    16,225     94,555     83,600
                             --------- ---------  ---------  ---------
Other (income) expense:
   Interest income               (351)     (343)    (1,232)    (1,135)
   Interest expense             2,686     2,634     10,353     10,564
   Minority interest              107       308        350      1,203
   Other                         (181)      791       (727)       296
                             --------- ---------  ---------  ---------
                                2,261     3,390      8,744     10,928
                             --------- ---------  ---------  ---------
    INCOME FROM CONTINUING
     OPERATIONS BEFORE INCOME
     TAXES                     23,878    12,835     85,811     72,672
Provision for income taxes      8,682     2,986     30,791     23,934
                             --------- ---------  ---------  ---------
   INCOME  FROM CONTINUING
    OPERATIONS                 15,196     9,849     55,020     48,738
Loss from discontinued
 operations, net of taxes        (236)   (1,688)      (421)    (1,918)
                             --------- ---------  ---------  ---------
   NET INCOME                 $14,960    $8,161    $54,599    $46,820
                             ========= =========  =========  =========
BASIC EPS
Income (loss) per share:
   Continuing operations        $0.47     $0.30      $1.69      $1.51
   Discontinued operations      (0.01)    (0.05)     (0.01)     (0.06)
                             --------- ---------  ---------  ---------
   NET INCOME                   $0.46     $0.25      $1.68      $1.45
                             ========= =========  =========  =========
Weighted average number of
 shares                        32,547    32,369     32,489     32,276
                             ========= =========  =========  =========
DILUTED EPS
Income (loss) per share:
   Continuing operations        $0.46     $0.30      $1.67      $1.49
   Discontinued operations      (0.01)    (0.05)     (0.01)     (0.06)
                             --------- ---------  ---------  ---------
   NET INCOME                   $0.45     $0.25      $1.66      $1.43
                             ========= =========  =========  =========
Weighted average number of
 shares                        32,990    32,901     33,002     32,719
                             ========= =========  =========  =========
    Dividends per share         $0.08     $0.07      $0.32      $0.28
                             ========= =========  =========  =========



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


                              Net Sales

                                   Fourth Quarter       Year Ended
                                        Ended
                                 ------------------- -----------------
                                 December  December  December December
                                    31,       31,       31,      31,
                                   2005      2004      2005     2004
                                 --------- --------- -------- --------

North America                    $165,315  $144,972  629,937  545,139
Europe                             70,722    69,834  266,346  253,234
China                               8,370     6,600   28,063   26,185
                                 --------- --------- -------- --------
Total                            $244,407  $221,406  924,346  824,558
                                 ========= ========= ======== ========


                           Operating Income

                                   Fourth Quarter       Year Ended
                                        Ended
                                 ------------------- -----------------
                                 December  December  December December
                                    31,       31,       31,      31,
                                   2005      2004      2005     2004
                                 --------- --------- -------- --------

North America                     $21,405   $13,758   76,757   68,558
Europe                              8,229     8,137   31,528   31,597
China                                 983       581    3,533    1,857
Corporate                          (4,478)   (6,251) (17,263) (18,412)
                                 --------- --------- -------- --------
Total                             $26,139   $16,225   94,555   83,600
                                 ========= ========= ======== ========



           WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES

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

                                                       Years Ended
                                                   -------------------
                                                   December   December
                                                      31,        31,
                                                     2005       2004
                                                   ---------  --------

Net cash provided by continuing operations        $  51,867  $ 40,210
Less: additions to property, plant, and equipment   (18,590)  (20,999)
Plus: proceeds from the sale of property, plant,
 and equipment                                          652     2,143
Less: dividends                                     (10,480)   (9,071)
                                                   ---------  --------
Free cash flow                                    $  23,449  $ 12,283
                                                   =========  ========


                               TABLE 2
 RECONCILIATION OF LONG-TERM DEBT (INCLUDING CURRENT PORTION) TO NET
               DEBT AND NET DEBT TO CAPITALIZATION RATIO
                        (Amounts In Thousands)
                             (Unaudited)

                                                       Years Ended
                                                   -------------------
                                                   December   December
                                                      31,        31,
                                                     2005       2004
                                                   ---------  --------

Current portion of long-term debt                 $  13,635  $  4,981
Plus: Long-term debt, net of current portion        293,350   180,562
Less: Cash and cash equivalents                     (45,758)  (65,913)
                                                   ---------  --------
Net debt                                          $ 261,227  $119,630
                                                   =========  ========

Net debt                                          $ 261,227  $119,630
Plus: Total stockholders' equity                    519,476   492,788
Plus: Minority interest                               7,831     7,515
                                                   ---------  --------
Capitalization                                    $ 788,534  $619,933
                                                   =========  ========


Net Debt to Capitalization Ratio                         33%       19%
                                                   =========  ========

SOURCE: Watts Water Technologies

Watts Water Technologies
William C. McCartney, 978-688-1811
Chief Financial Officer
Fax: 978-688-2976

IR Contact

Tim MacPhee, Treasurer,

Vice President Investor Relations

978-689-6201

investorrelations@wattswater.com

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