NYSE-listed Watts Water takes 80% stake in Apex Valves for US$22 million

By Suze Metherell Oct. 29 (BusinessDesk) - Watts Water Technologies, the US plumbing and heater manufacturer, has bought a majority stake in New Zealand manufacturer Apex Valves for US$22 million, as it looks to expand into the Asia-Pacific. The New York stock exchange listed company has signed an agreement to purchase 80 percent of the Auckland-based firm, Watts Water said in its third-quarter update. Apex Valves had annual sales of about US$12 million in 2014, with "a strong operating margin profile".   "The Apex acquisition will all...