|
|
Article: Watts Industries, Inc. Receives Favorable IRS Ruling On Tax-Free Treatment of New Spin-Off.
- Article from:
- Business Wire
- Article date:
- September 14, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Sept. 14, 1999--
CIRCOR International, Inc. is Established; New Company to Comprise
Instrumentation, Petrochemical and Steam Businesses
Watts Industries, Inc. (NYSE:WTS) today announced it has received a favorable ruling from the Internal Revenue Service regarding the tax-free treatment of the spin-off it announced on December 15, 1998. Watts also announced that the name of the spin-off will be CIRCOR International, Inc. and that the new company has arranged for initial debt financing to retire indebtedness assumed from Watts and for working capital purposes. CIRCOR announced that it has engaged ING Barings ...