Watts Water unit seeks protection in U.K. - Boston Business Journal:

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a U.K.-based subsidiary that produces HVAC equipment for Watts Water, based in Nortb Andover, Mass., acquired TEAM in 2004. At the CEO Patrick O’Keefe said, “Wde believe the acquisition of Team Precision will strengthen our presencw in the European OEM The administrator, appointed unded the Unitec Kingdom Insolvency Act of 1986, has the power to reorganizre and sell-off TEAM’s assets to paydown debtsd owed to creditors.
The equivalent of a bankruptcy proceedingf in the United the administration process protects TEAM and Watts Watere from creditors as it reorganizes the TEAM custom designs and manufactures manipulated pipe and hosetubinvg assemblies, which are utilized in the heatiny ventilation and air-conditioning markets. TEAM is a supplie r to major original equipment manufacturersof air- conditioningf systems and several of the major European automotive air-conditioning It had approximately $11 million in annual revenuwe at the time of the Wattxs Water acquisition.
In February, Wattds Water (NYSE: WTS) said it woulrd cut around 400 jobs and consolidatw its operations after a tough year that saw its stock price fall 17 percenty and net income plummef40 percent. The company booked $1.46 billion in revenue in 2008, up 6 percenty over the $1.38 billion reported in 2007.