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Watts Water Technologies, Inc. announced on Nov. 30 that it completed the acquisition of 80 percent of the outstanding shares of Apex Valves Limited (“Apex”), a New Zealand company, for approximately $22 million, with a commitment to purchase the remaining 20 percent ownership within three years of closing. The final purchase price is subject to a customary net working capital adjustment.
Apex specializes in the design and manufacture of control valves for low and high pressure hot water and filtration systems. Apex also produces an extensive range of float and reservoir valves for the agricultural industry.