Plumbing and Mechanical

Watts Buys Technology Development Firm

July 3, 2002
Watts Industries acquired Hunter Innovations, a technology development firm that developed a patented diaphragm seal technology currently licensed by Watts for its backflow prevention product line and a line of automatic controls.

Hunter is transitioning from technology development to a manufacturing; its sales during the last 12 months were about $1.5 million.

Watts bought the Sacramento, Calif., firm for $25 million; $10 million was paid at the closing and the balance will be paid over four years.