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
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Watts Water Technologies' acquisition of Josam Company is expected to enhance its product offerings and drive growth through increased cross-selling opportunities. The deal is in line with the company's growth strategy and is anticipated to close in January 2024.
The acquisition of Josam Company is likely to have a positive short-term impact on Watts Water Technologies' stock price as it aligns with the company's growth strategy and is expected to enhance its product portfolio and market reach. The deal is also perceived positively due to the potential for increased cross-selling opportunities and the complementary nature of the sales networks. However, the financial terms not being disclosed adds a level of uncertainty to the full impact of the transaction.
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