Watts Water Technologies Acquires TEAM Precision U.K.
Watts Water Technologies, Inc. has acquired 90% of the stock of TEAM Precision Pipe Work, Ltd., located in Ammanford, West Wales, United Kingdom.
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. TEAM has approximately $11 million U.S. in annual revenue.
Watts Water Technologies CEO, Patrick S. O'Keefe, commented, "We believe the acquisition of TEAM Precision will strengthen our presence in the European O.E.M. market. Our current O.E.M. customer base includes the major boiler and air conditioning manufacturers. The TEAM Precision technology allows us to expand our product offering to both of these important market segments. TEAM Precision also provides us with a state of the art, low cost, manufacturing plant in the U.K."