CapEdge
Loading...
Advanced
What's new? Log in Free sign up
  • Home
  • Sectors & IndustriesSectors
  • Earnings
  • IPOs
  • SPACs
  • Transcripts
  • Insider
  • Institutional
  • Crypto
  • Screeners
  • Reddit
  • Splits
  • WTS Dashboard
  • Financials
  • Filings
  • Transcripts
  • ETFs
  • Insider
  • Institutional
  • Shorts
  • News
  • Patents
  • Reddit
  • 8-K Filing

Watts Water (WTS) 8-KCost Associated with Exit or Disposal Activities

Filed: 30 Jun 21, 4:29pm
Free signup for more
  • Track your favorite companies
  • Receive email alerts for new filings
  • Personalized dashboard of news and more
  • Access all data and search results
Sign up for free
Search this filing
?
Pre-defined:
Table of contents
    Filing tables
    Export all tables to Excel
    Filing exhibits
    SEC
    • 8-K Current report
    • Download Excel data file
    • View Excel data file
    WTS similar filings
    • 3 Nov 21 Results of Operations and Financial Condition
    • 2 Nov 21 Amendments to Articles of Incorporation or Bylaws
    • 4 Aug 21 Results of Operations and Financial Condition
    • 30 Jun 21 Cost Associated with Exit or Disposal Activities
    • 13 May 21 Submission of Matters to a Vote of Security Holders
    • 4 May 21 Results of Operations and Financial Condition
    • 1 Apr 21 Entry into a Material Definitive Agreement
    Filing view
    Share this filing

    ​

    ​

    SECURITIES AND EXCHANGE COMMISSION

    WASHINGTON, D.C. 20549

    ​

    ​

    FORM 8-K

    ​

    CURRENT REPORT

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    ​

    Date of Report (Date of earliest event reported): June 25, 2021

    ​

    ​

    WATTS WATER TECHNOLOGIES, INC.

    (Exact Name of Registrant as Specified in its Charter)

    ​

    ​

    ​

    ​

    ​

    ​

    Delaware

    ​

    001-11499

    ​

    04-2916536

    (State or Other Jurisdiction

    ​

    (Commission File Number)

    ​

    (IRS Employer

    of Incorporation)

    ​

    ​

    ​

    Identification No.)

    ​

    815 Chestnut Street, North Andover, Massachusetts 01845

    (Address of Principal Executive Offices) (Zip Code)

    ​

    (978) 688-1811

    (Registrant’s telephone number, including area code)

    ​

    ​

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    ​

    ☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ​

    ☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    ​

    ☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    ​

    ☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

    ​

    Securities registered pursuant to Section 12(b) of the Act:

    ​

    ​

    ​

    ​

    ​

    Title of each class

    Trading

     Symbol(s)

    Name of each exchange on which registered

    Class A Common Stock, par value $0.10 per share

    WTS

    New York Stock Exchange

    ​

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    ​

    Emerging growth company ☐

    ​

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    ​

    ​

    ​

    ​

    Item 2.05Costs Associated with Exit or Disposal Activities.

    ​

    On June 25, 2021, the Board of Directors of Watts Water Technologies, Inc. (the “Company”) approved a restructuring program with respect to the Company’s operating facilities in France. The restructuring program is expected to include the shutdown of the Company’s manufacturing facility in Méry, France and the consolidation of that facility’s operations into the Company’s facilities in Virey-le-Grand and Hautvillers, France. The program is expected to include pre-tax charges totaling approximately $26 million, including costs for severance, relocation, clean-up and certain asset write-downs, and result in the elimination of approximately 80 positions at the Méry, France facility. Severance costs make up the majority of the program costs and are estimated to approximate $22 million. As a result of the facility consolidations the net headcount reduction in France is expected to be approximately 50 positions. Total net after-tax charges for this restructuring program are expected to be approximately $19 million (including $2 million in non-cash charges), with costs being incurred through the second half of 2022, at which time the restructuring program is expected to be completed. The Company expects to spend approximately $1 million in capital expenditures to consolidate operations. Annual cash savings, net of tax, are estimated to be approximately $3 million, which the Company expects to fully realize by 2023.

    ​

     

     

     

    ​

    ​

    ​

    ​

    SIGNATURE

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

    Date: June 30, 2021

    WATTS WATER TECHNOLOGIES, INC.

     

     

     

     

     

     

     

    By:

    /s/ Kenneth R. Lepage

     

     

    Kenneth R. Lepage

     

     

    General Counsel, Chief Human Resources Officer

    & Secretary

    ​

    ​

     

    ​

    ​

    Finsight
    Resources
    • Knowledgebase
    • Log In
    • Register
    Company
    • About
    • Contact
    • Solutions
    Products
    • Deal Roadshow
    • DealVDR
    • Evercall
    • Finsight.com
    CapEdge
    • Earnings Calendar
    • Earnings Transcripts
    • EDGAR Filing Screener
    • IPO Calendar
    • Compliance
    • Privacy
    • Security
    • Terms
    AngelList LinkedIn