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):
                                February 28, 2003

                             Watts Industries, Inc.
             (Exact name of Registrant as specified in its charter)

          Delaware                    1-11499                    04-2916536
(State or other jurisdiction      (Commission File            (I.R.S. Employer
      of incorporation)                Number)             Identification No.)

                               815 Chestnut Street
                             North Andover, MA 01845
              (Address of principal executive offices and zip code)

               Registrant's telephone number, including area code:
                                 (978) 688-1811


ITEM 5. Other Events and Required FD Disclosure

      On February 27, 2003, Timothy P. Horne, a member of the Board of Directors
of Watts Industries, Inc. (the "Company"), the controlling stockholder of the
Company, and its former Chief Executive Officer, President and Chairman,
established a pre-arranged plan to sell shares of class A common stock, par
value $.10 per share, of the Company ("Class A Common Stock") in accordance with
Rule 10b5-1 under the Securities Exchange Act of 1934. Mr. Horne's plan provides
that over a six month period, up to 144,600 shares of Class A Common Stock may
be sold.

      Mr. Horne also instituted 10b5-1 trading plans in his capacity as trustee
of certain trusts for the benefit of Horne family members, which provide in the
aggregate for the sale of up to 173,100 shares of Class A Common Stock over a
six month period.

      Rule 10b5-1 permits insiders to implement a written plan to sell stock
when they are not aware of material non-public information and continue to sell
shares in accordance with the predetermined plan, even if they subsequently
become aware of such information.


                                   SIGNATURES

      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.


                                          WATTS INDUSTRIES, INC.


Date: February 28, 2003                   By: /s/ William C. McCartney
                                             ---------------------------------
                                                  William C. McCartney
                                                  Chief Financial Officer