Watts Water Tech To Buy Austrian Pipe Maker

NORTH ANDOVER, Mass. (AP) -- Watts Water Technologies Inc. said late Thursday that it plans to buy an Austrian pipe-making company, Austroflex Rohr-Isoliersysteme GmbH, by the end of June.

Watts said it has not signed a definitive purchase agreement with Austroflex and did not disclose a price, although it said the deal will not have a significant effect on its financial standing or its cash resources.

Austroflex makes PEX pipes, which are a type of durable pipe. It makes pre-insulated pipes for carrying hot and cold water, and stainless steel pipes used in solar and high temperature applications.

Watts makes valves for plumbing, heating and water needs. Its stock fell 4 cents to $31.33 in afternoon trading Friday.

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