eps3611.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 5,
2009
Watts
Water Technologies, Inc.
|
(Exact
Name of Registrant as Specified in Charter)
Delaware
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1-11499
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04-2916536
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(State
or other juris-
diction
of incorporation
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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815
Chestnut Street, North Andover, MA
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01845
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (978) 688-1811
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(Former
name or former address, if changed since last
report)
|
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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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
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Item
8.01. Other Events.
As
disclosed in Part I, Item 1, “Business - Product Liability, Environmental
and Other Litigation Matters” of Watts Water Technologies, Inc.’s (“Watts”)
Annual Report on Form 10-K for the year ended December 31, 2008, Watts
is a party to litigation referred to as the “James Jones
Litigation.” As further disclosed in its Quarterly Report on Form
10-Q for the quarter ended September 27, 2009, at a mediation session held with
the California Superior Court for Los Angeles County on June 9-10, 2009, the
parties to the Armenta case and the City of Banning case (each part of the James
Jones Litigation) agreed in principle to settle both cases. The
agreement in principle was effective and binding only upon approval by the
plaintiffs in the Armenta and Banning cases, and final approval of the
settlement by the California Superior Court after a fairness
hearing. An agreement in principle also was reached to settle the
insurance coverage cases - - Watts Industries, Inc. vs. Zurich
American Insurance Company, et al., and Zurich American Insurance Company
vs. Watts Industries, Inc., et al., pending in the Superior Court of the
State of California, County of Los Angeles; and Zurich American Insurance Company
vs. Watts Industries, Inc. and James Jones Company, pending in the United
States District Court for the Northern District of Illinois, Eastern
Division. The settlement of the insurance coverage cases was
effective and binding upon approval of the settlement of the underlying Armenta
and Banning cases as described above.
At
the fairness hearing held on November 5, 2009, the Court approved the settlement
of the “James Jones Litigation.” No plaintiff
objected. Based on the contemporaneous final settlement of the
underlying insurance coverage cases, Watts’ contribution to the James Jones
Litigation settlement is $15.3 million. As a result of the
settlements, all lawsuits and all claims asserted therein will be
dismissed.
In
addition, separate from the settlement, Watts will pay its outside counsel an
additional $5 million for services rendered in connection with the above
described litigation.
As
a result of the settlement of the above described litigation, Watts expects to
record a non-cash, pre-tax gain in discontinued operations of approximately $9.7
million in the fourth quarter of 2009 to reduce previously recorded estimates of
the loss and related fees to the amounts noted above.
SIGNATURES
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: November
9, 2009
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WATTS
WATER TECHNOLOGIES, INC.
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|
|
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By:
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/s/ Kenneth R.
Lepage
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Kenneth
R. Lepage
General
Counsel
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