Watts finalizes Heatway purchase
Mike Chiles, vice president and general manager of the new subsidiary, reports to Mike Fifer, chief operating officer of Watts' North American operations.
Heatway will continue to run as it has been with its same personnel and products, said Watts spokesman William C. McCartney. He noted that Heatway sales have remained stable for the last two years as it went through the worst of its legal problems with Goodyear Tire & Rubber Co. related to failing Entran II tubing.
The acquisition of Heatway allows Watts Industries to sell entire hydronic systems as opposed to the company's usual approach of selling components through wholesale distributors, he said, although the wholesaler approach is sacrosanct.