Watts Water Technologies, Inc. has acquired PVI Industries, LLC, for approximately $78 million. PVI's water heater product offering complements AERCO's boiler products, allowing Watts to comprehensively address the company's commercial customers' heating and hot water requirements. PVI annual sales were approximate $50 million.
CEO Robert Pagano Jr., said: "We are excited about adding PVI to our portfolio. PVI is a market leader in high capacity commercial water heaters and complements AERCO's position in high efficiency boilers. Like AERCO, PVI is focused on differentiated product design for project specific customer applications."
Watts also announced its third quarter 2016 results. Sales of $341.1 million decreased 7% compared to the same period in 2015. Third quarter GAAP EPS was $0.63 as compared to ($0.73) for the same period last year. The significant increase in GAAP EPS was primarily due to the 2015 settlement of the Company’s pension plan and other benefit obligations. Adjusted EPS was $0.71, up 6%, as compared to $0.67 for the same period last year.