Watts Industries recently announced that it will form a joint venture with the Yuhuan County Cheng Guan Metal Hose Factory, located in Taizhou, Zhejiang Province of the Peoples Republic of China. Cheng Guan manufactures a variety of plumbing products -- hose, hose connectors, multilayer tubing and stainless-steel braided hose -- sold into the Chinese domestic market as well as export markets.

Watts will own 60 percent of the venture, while Cheng Gaun will own the remaining 40 percent. This is the company's second joint venture with China; the first being with the Tianjin Tanggu Valve Plant in September 1994.

In other news, Watts announced that it has entered into a three-year, $150 million multicurrency revolving line of credit to pay down certain existing debt, fund acquisitions and fund working capital requirements for acquired companies and general corporate purposes.