Watts Water Technologies Inc. To Acquire Josam Company, Josam's Annualized Sales Are Approximately $35M; Financial Terms Of The Transaction Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
Watts Water Technologies, Inc. (NYSE:WTS) has announced the acquisition of Josam Company, a manufacturer of drainage and plumbing products with annualized sales of approximately $35 million. The financial terms of the transaction were not disclosed. The acquisition aligns with Watts' growth strategy, offering expanded capabilities and solutions to customers, and is expected to provide increased cross-selling opportunities and growth. The transaction is subject to customary closing conditions and is expected to close in January 2024, with further details to be discussed in Watts' fourth quarter earnings call in February 2024.
December 11, 2023 | 9:34 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Watts Water Technologies' acquisition of Josam Company is expected to enhance its product offerings and growth potential, with Josam's $35M in annualized sales contributing to Watts' revenue.
The acquisition of Josam Company is likely to be viewed positively by investors as it aligns with Watts' growth strategy and could lead to increased revenue through expanded product offerings and cross-selling opportunities. The lack of financial terms disclosure might cause some uncertainty, but the overall impact is expected to be positive in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100