SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): October 18, 1999
WATTS INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
Delaware 0-14787 04-2916536
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
815 Chestnut Street, North Andover, Massachusetts 01845
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 688-1811
N/A
(Former name or former address, if changed since last report.)
Item 5. Other Events.
Watts Industries, Inc. (the "Company") announced today that it has
completed the pro-rata distribution of the shares of common stock of CIRCOR
International, Inc., its former industrial, oil and gas business, to the
shareholders of the Company. A copy of the Company's press release is
attached hereto and incorporated herein in its entirety.
Item 7. Financial Statements, Pro Forma Financial Statements and
Exhibits.
(c) Exhibits
Exhibit 99.1 - Press Release of Watts Industries, Inc., dated as
of October 19, 1999.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WATTS INDUSTRIES, INC.
By: /s/ Kenneth J. McAvoy
Kenneth J. McAvoy, Chief
Financial Officer,
Treasurer and Secretary
(Principal Financial and
Accounting Officer)
Date: October 22, 1999
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Kenneth J. McAvoy
Chief Financial Officer
Telephone: (978) 688-1811
Fax: (978) 688-5841
WATTS INDUSTRIES, INC.
ANNOUNCES COMPLETION OF SPIN-OFF OF
INDUSTRIAL, OIL AND GAS GROUP IN A PRO-RATA
DISTRIBUTION TO ITS SHAREHOLDERS
North Andover, MA . . . October 19, 1999. Watts Industries, Inc.
(NYSE Symbol "WTS") today announced that it had completed the spin-off of
its industrial, oil and gas subsidiary, CIRCOR International, Inc., to
shareholders. Shares in the industrial, oil and gas business begin
trading today on the New York Stock Exchange under the symbol "CIR."
As previously announced, the Watts board of directors declared a 1-
for-2 stock dividend of shares in Watts Industries, Inc. to the Watts
shareholders, payable October 18, 1999 to shareholders of record on
October 6, 1999.
Watts will continue its existing plumbing and heating and water
quality businesses and Timothy P. Horne will remain its Chairman of the
Board and Chief Executive Officer. David A. Bloss, Sr., former President
and Chief Operating Officer of Watts, was appointed Chairman of the
Board, President and Chief Executive Officer of CIRCOR.
Watts Industries, Inc. designs, manufactures and sells an extensive
line of valves for the plumbing and heating and water quality markets.
