-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001171520-03-000214.txt : 20030807
<SEC-HEADER>0001171520-03-000214.hdr.sgml : 20030807
<ACCEPTANCE-DATETIME>20030807163926
ACCESSION NUMBER:		0001171520-03-000214
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030806
FILED AS OF DATE:		20030807

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WATTS INDUSTRIES INC
		CENTRAL INDEX KEY:			0000795403
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				042916536
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
		BUSINESS PHONE:		9786881811

	MAIL ADDRESS:	
		STREET 1:		815 CHESTNUT STREET
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TAUFEN LESTER J
		CENTRAL INDEX KEY:			0001234687

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11499
		FILM NUMBER:		03829106

	BUSINESS ADDRESS:	
		STREET 1:		WATTS INDUSTRIES INC
		STREET 2:		ROUTE 815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
		BUSINESS PHONE:		9786881811

	MAIL ADDRESS:	
		STREET 1:		WATTS INDUSTRIES INC
		STREET 2:		ROUTE 815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>d1231_ex.xml
<DESCRIPTION>LESTER J. TAUFEN
<TEXT>
<XML>
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   <periodOfReport>2003-08-06</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
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        <issuerName>WATTS INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>WTS</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
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            <rptOwnerCik>0001234687</rptOwnerCik>
            <rptOwnerName>TAUFEN LESTER J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WATTS INDUSTRIES INC</rptOwnerStreet1>
            <rptOwnerStreet2>815 CHESTNUT ST</rptOwnerStreet2>
            <rptOwnerCity>NORTH ANDOVER</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01845</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
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         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Gen. Counsel, VP Legal Affairs</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
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         <value>Class A Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>8700</value>
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      </underlyingSecurity>
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           <value>8000</value>
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           <value>D</value>
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   <derivativeTransaction>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F1"/>
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      <conversionOrExercisePrice>
         <value>17.50</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-08-06</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>8000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>17.50</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
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 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Options granted pursuant to the Watts Industries, Inc. 1996 Stock Option Plan in a transaction exempt from Section 16b of the Exchange Act.</footnote>
      <footnote id="F2"> The number of shares underlying options and exercise prices and the number of shares underlying Restricted Stock Units (RSUs) and the price of such RSUs were adjusted equally for all of the Company's Class A Common Stock to reflect the Company's spin-off of CIRCOR International, Inc. on October 18, 1999. Shareholders of the Company received a dividend of one share of Common Stock in CIRCOR for every two shares of Company Common Stock. The dividend and options/RSUs adjustment are exempt in accordance with Rule 16a-a(a) under the Exchange Act.</footnote>
      <footnote id="F3"> 1,547 shares exercisable on each August 10, 2000, 2001, 2002, 2003, and 2004.</footnote>
      <footnote id="F4"> Awarded pursuant to the Watts Industries, Inc. Management Stock Purchase Plan in a transaction exempt under Rule 16b-3(d) promulgated under the Exchange Act. RSUs are awarded in lieu of all or a portion of the reporting person's annual bonus at the reporting person's election at a price equal to 67% of the Fair Market Value of the Class A Common Stock on the date of award.</footnote>
      <footnote id="F5"> Restricted Stock Units (RSUs) vest three years from the date of the award and entitle the owner to one share of class A Common Stock for each vested RSU on such date or a later date if a deferral period was selected by such owner.</footnote>
      <footnote id="F6"> All or a portion of non-vested RSUs will be cancelled in the event of termination of employment, death or disability.</footnote>
      <footnote id="F7"> 1,600 shares exercisable on each July 25, 2001, 2002, 2003, 2004, and 2005.</footnote>
      <footnote id="F8"> 1,600 shares exercisable on each August 20, 2002, 2003, 2004, 2005 and 2006.</footnote>
      <footnote id="F9"> 1,600 shares exercisable on each July 24, 2003, 2004, 2005, 2006 and 2007.</footnote>
      <footnote id="F10"> 1,600 shares exercisable on each August 6, 2004, 2005, 2006, 2007 and 2008.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Lester J. Taufen</signatureName>
      <signatureDate>2003-08-06</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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