In other news, the company acquired Martin Orgee UK Ltd., a distributor of plumbing and heating products for the wholesale, commercial and OEM markets in the United Kingdom and southern Ireland. The company also assembles pumping groups for under-floor radiant heat systems. Its annual sales are $2.8 million (US).
Watts Reports 1Q Sales Increase, Acquires UK Distributor
Watts Industries reported a 16 percent increase in sales for the first quarter of 2003 for a total of $165.69 million. Net income for the quarter was $6.61 million, or 24 cents per share, compared to net income of $8.06 million, or 30 cents per share, for the same period in 2002. This included a net loss from discontinued operations of $2.32 million.