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Watts Industries, Inc. Sets Record Date of October 6, 1999 for Spin-Off

17 September 1999

Watts Industries, Inc. Sets Record Date of October 6, 1999 for Spin-Off of CIRCOR International, Inc.

    NORTH ANDOVER, Mass.--Sept. 16, 1999--Watts Industries, Inc. announced today that the record date for the previously announced spin-off of CIRCOR International, Inc. ("CIRCOR"), a new company which will own and operate the former industrial and oil and gas product lines of Watts, will be October 6, 1999.
    The spin-off (the "Spin-Off") will be accomplished through a distribution of one share of CIRCOR common stock for every two shares of Watts common stock, either Class A or Class B, outstanding on the record date. Watts stockholders of record will not be required to pay for any shares of CIRCOR common stock distributed to them or to take any action to receive such shares of CIRCOR common stock. The effective date of the Spin-Off is expected to be October 18, 1999. The Internal Revenue Service has ruled that the Spin-Off will be tax-free to Watts stockholders and to Watts.
    It is anticipated that the CIRCOR common stock to be distributed in the Spin-Off will commence trading, on a when issued basis, on the New York Stock under the symbol "CIR" shortly before the record date of October 6, 1999.
    Further details concerning the Spin-Off will be provided to Watts stockholders in an information statement to be distributed to Watts stockholders prior to the effective date of the Spin-Off.
    Both Watts and CIRCOR have changed their fiscal year ends from June 30th of each year to December 31st of each year beginning with December 31, 1999.