No coin nor oath required. For personal study only.
Industries plans to separate its Industrial, Oil and Gas business from its Plumbing and Heating and Water Quality operations.
Watts will continue its existing Plumbing and Heating and Water Quality business and will transfer the Industrial, Oil and Gas business to a new subsidiary. Watts will then spin-off the new subsidiary to the Watts stockholders in the form of a pro rata stock dividend.
After the spin-off, Timothy P Home will remain chairman and CEO of Watts. David A Bloss Sr, currently president and chief operating officer of Watts, will be appointed CEO of the new Industrial, Oil and Gas company. Completion is expected in the third calendar quarter of 1999.
Home said the separation of the Industrial, Oil and Gas group would allow that business to raise capital on more advantageous terms in the public equity market. The separation would also permit financial markets to better recognise and evaluate the individual merits of the Plumbing and Heating and Water Quality and Industrial, Oil and Gas groups, with each business achieving appropriate market recognition for its performance. In addition, Home said the separation would allow each company to focus on its own strategic business objectives.
๐ SIMILAR VOLUMES