Michigan City manufacturer to be acquired
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A more than 100-year-old manufacturer of drainage and plumbing products will soon be under new ownership. Josam Co., headquartered in Michigan City, has signed an agreement to be acquired by Massachusetts-based Watts Water Technologies Inc.
Watts, through its subsidiaries, is a manufacturer of plumbing, heating and water quality products. Financial terms of the acquisition are not being disclosed.
Josam provides products for customers in the commercial, industrial and multi-family markets with $35 million in annual sales. CEO Scott Holloway said the acquisition will provide “tremendous opportunities” for growth of the company’s product lines.
“The resources that Watts offers are essential to taking the Josam product lines to the next level,” Holloway said in a news release. “The similarities in company culture, passion for success and their commitment to advancing the Josam legacy for years to come is a combination that is destined for long-term success.”
Watts CEO Robert Pagano said the deal is consistent with the company’s strategy and further positions Watts for growth as well.
“The addition of Josam’s innovative, specified products to our portfolio will allow us to offer our customers expanded capabilities and solutions,” Pagano said. “We expect that the company’s complementary sales networks and channel relationships will help drive growth and provide increased cross-selling opportunities.”
The acquisition is expected to close in January. Watts did not specify if any Josam employees would be negatively affected by the deal. More information is expected to be discussed during Watts’ fourth-quarter earnings call in February.