FX.co ★ Watts Water Technologies Buys I-CON Systems

Watts Water Technologies, Inc. (WTS) announced on Monday the acquisition of I-CON Systems Inc., a company specializing in plumbing control solutions, particularly for the corrections sector.

I-CON Systems records approximately $25 million in annual sales. Watts funded the acquisition using existing cash reserves.

CEO Robert J. Pagano Jr. expressed enthusiasm about the acquisition, stating, "We are thrilled to welcome the I-CON team to Watts. This acquisition aligns with our strategic objectives and enhances Watts' growth potential. Integrating I-CON's cutting-edge water management systems will enable us to broaden our digital offerings while capitalizing on growth opportunities within the correctional niche of the institutional market. I extend my gratitude to the teams at Watts and I-CON for their dedication in facilitating a seamless transition as we incorporate I-CON into the Watts family."

Shawn Bush, President and CEO of I-CON Systems, also commented, "Watts' acquisition of I-CON brings substantial resources and prospects for the ongoing expansion of the I-CON brand. Our shared cultural values and commitment to innovation and customer excellence will drive our enduring success."