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): October 10, 2008

 

 

WATTS WATER TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

815 Chestnut Street, North Andover, Massachusetts 01845

(Address of Principal Executive Offices) (Zip Code)

 

(978) 688-1811

(Registrant’s telephone number, including area code)

 

 

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):

 

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.05.              Costs Associated with Exit or Disposal Activities.

 

As of November 14, 2008, Watts Water Technologies, Inc. (the “Company”) notified affected employees that their employment is being terminated under a plan of termination that was previously committed to by management on October 10, 2008.  The plan of termination will result in the reduction of approximately 10% of the Company’s payroll cost in the United States.  Employees affected by the plan of termination will be provided with severance payments and outplacement assistance.  The plan of termination is intended to improve the Company’s cost leverage in response to the expected continued slowdown in the Company’s residential and commercial businesses.

 

In connection with the plan of termination, the Company expects to incur total expenses relating to termination benefits of approximately $2.1 million in the fourth quarter of 2008.  The Company expects to substantially complete the activities related to the plan of termination by December 31, 2008.

 

SIGNATURE

 

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 14, 2008	WATTS WATER TECHNOLOGIES, INC.
	By:	/s/ William C. McCartney
		William C. McCartney
		Chief Financial Officer

 

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