Friday, December 3, 2021
66.3 F
Fort Worth

Fort Worth company acquired by Watts Water Technologies for $78 million

🕐 1 min read

PVI Industries LLC, a leading manufacturer of commercial water heating equipment based in Fort Worth, has been acquired by North Andover, Massachusetts-based-Watts Water Technologies Inc. for approximately $78 million.

Watts, which trades on the NYSE under the WTS symbol, announced its third quarter results on Nov. 2, at the same time announcing the acquisition. Watts designs, manufactures, and sells products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets.

PVI’s water heater product offering complements AERCO’s boiler products, allowing Watts to comprehensively address our commercial customers’ heating and hot water requirements, according to a Watts news release. PVI annual sales approximate $50 million, according to the release.

PVI Industries began building commercial, institutional, and industrial water heaters in 1961, according to the company’s website. It has since become one of the leading suppliers of engineer-specified plumbing and heating equipment for new construction and building retrofits. There are now more than 130,000 PVI installations worldwide, according to the company.

“We are excited about adding PVI to our portfolio,” said Watts CEO Robert J. Pagano Jr. “PVI is a market leader in high capacity commercial water heaters and complements AERCO’s position in high efficiency boilers. Like AERCO [another Watts company], PVI is focused on differentiated product design for project specific customer applications.”

The acquisition was effective Nov. 2.

http://www.pvi.com/

www.wattswater.com/

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

970x250_DM_Leasing

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate