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Watts Water completes Blucher Metal acquisition

By Associated Press
May 30, 2008 | Comments (0)

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Watts Water Technologies Inc., which makes products to monitor water safety and flow, said Friday it has completed the acquisition of Blucher Metal AS, a Danish company that makes stainless-steel drainage systems.

In April, Watts announced plans to buy the company for $183 million in cash using borrowings under its current credit facility and cash on hand. The purchase price was based on the exchange rate of Danish krone to U.S. dollars on the date of the announcement.

Blucher, which makes pipes, fittings and drains, had about $89 million in revenue in 2007. Watts said the deal will provide the company with a new product platform in Europe and expand its product offerings.

Watts Water shares rose 46 cents to close at $28.36.

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