-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T4pYFNdzPUpR+9/VjFmFr2cPwp94ILHhIp+WAn8ix21jY1ckk27fruOYHzA6VwoR
 4p6stmDreojh47a9DAHIGA==

<SEC-DOCUMENT>0001171520-03-000246.txt : 20030819
<SEC-HEADER>0001171520-03-000246.hdr.sgml : 20030819
<ACCEPTANCE-DATETIME>20030819103900
ACCESSION NUMBER:		0001171520-03-000246
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030818
FILED AS OF DATE:		20030819

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:			MERCHANT WILLIAM J
		CENTRAL INDEX KEY:			0001234694

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11499
		FILM NUMBER:		03854635

	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>eps1249_ex.xml
<DESCRIPTION>WILLIAM J. MERCHANT
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-08-18</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000795403</issuerCik>
        <issuerName>WATTS INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>WTS</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001234694</rptOwnerCik>
            <rptOwnerName>MERCHANT WILLIAM 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>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Corporate Controller</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class A Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-08-18</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1600</value>
            <footnoteId id="F7"/>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.75</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1600</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class A Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-08-18</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1600</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.75</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-08-18</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1600</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.75</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
         <value>2012-07-24</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1600</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6400</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Units</value>
            <footnoteId id="F3"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>10</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1127</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1127</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Units</value>
            <footnoteId id="F3"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>9.367</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>603</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>603</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Units</value>
            <footnoteId id="F3"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>10.51</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4309</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4309</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>17.50</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F6"/>
      </exerciseDate>
      <expirationDate>
         <value>2013-08-06</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>8000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>8000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> 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"> 1,600 shares are exercisable on each July 24, 2003, 2004, 2005, 2006 and 2007.</footnote>
      <footnote id="F3"> 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="F4"> Restricted Stock Units (RSUs) vest three years from the date of 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="F5"> All or a portion of the non-vested RSUs will be cancelled in the event of termination of employment, death or permanent disability.</footnote>
      <footnote id="F6"> 1,600 shares exercisable on each August 6, 2004, 2005, 2006, 2007, 2008.</footnote>
      <footnote id="F7"> Class A Common Stock shares acquired upon the cashless exercise of stock options.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>William J. Merchant</signatureName>
      <signatureDate>2003-08-19</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----