SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On March 16, 2021, Watts Water Technologies, Inc. (the “Registrant”) publicly disclosed its intention to begin consultations with the appropriate works council in regard to a plan to relocate production from its manufacturing facility in Méry, France primarily to other facilities of the Registrant and subsequently to close its facility in Méry. The Registrant expects that the works council consultation process will last approximately two months, after which the Registrant’s Board of Directors will make a determination whether to approve the restructuring plan. If the Registrant’s Board of Directors approves the restructuring plan, the charges expected to be incurred in connection with such plan are anticipated to be material to the Registrant.
This Current Report on Form 8-K includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to whether our Board of Directors will decide to approve the proposed restructuring plan, the timing of any such approval and the materiality of the expenses associated with the restructuring plan. You should not rely on forward-looking statements because our actual results may differ materially from those predicted as a result of a number of potential risks and uncertainties. These potential risks and uncertainties include, but are not limited to, compliance with all legal obligations under French law with respect to the proposed restructuring plan, approval of proposed social benefit plans by the appropriate labor authorities, the scope of the final restructuring plan, and other risks and uncertainties discussed under the heading “Item 1A. Risk Factors” and in Note 15 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020, each as filed with the SEC, as well as risk factors disclosed in our subsequent filings with the SEC. We undertake no duty to update the information contained in this Press Release, except as required by law.
SIGNATURE
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.
Date: March 16, 2021 | WATTS WATER TECHNOLOGIES, INC. | |
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| By: | /s/ Kenneth R. Lepage |
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| Kenneth R. Lepage |
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| General Counsel, Chief Human Resources Officer & Secretary |
Document and Entity Information |
Mar. 16, 2021 |
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Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 16, 2021 |
Entity File Number | 001-11499 |
Entity Registrant Name | WATTS WATER TECHNOLOGIES INC |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 04-2916536 |
Entity Address, Address Line One | 815 Chestnut Street |
Entity Address, City or Town | North Andover |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01845 |
City Area Code | 978 |
Local Phone Number | 688-1811 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.10 per share |
Trading Symbol | WTS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000795403 |
Amendment Flag | false |
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