Water Pik Technologies, Inc. (NYSE: PIK) today announced that it has acquired the assets of Air Energy Heat Pumps, Inc. and affiliates (Air Energy), a privately held manufacturing company located in Ft. Lauderdale, Florida.
Air Energy is a leading manufacturer of premium branded heat pumps for swimming pools and spas with sales of $13 million for the previous twelve months. The Company paid $8.1 million plus a contingent future payment of up to $1.0 million that is based upon 2003 financial performance.
The Company anticipates the acquisition will be accretive to earnings in the first full year of ownership.
"A major strategic objective for our pool business has been to accelerate sales and profit growth through the development of a more comprehensive package of pool equipment and accessories," said Water Pik Technologies’ Chief Executive Officer Michael P. Hoopis. "The acquisition of Air Energy not only adds the premier brand of heat pumps to our product line, but also gives us a more significant market position in regions of the country where heat pumps are the preferred technology to heat pools and spas."
Jandy Pool Products is a leading developer, manufacturer and marketer of swimming pool and spa heaters, heat pumps, electronic controls, valves, filters, automatic pool cleaners/cleaning accessories and is a well known swimming pool pump manufacturer". The Jandy®, Laars® and Air Energy brand pool and spa products are sold to distributors, pool builders and specialty pool retailers. Consumers can find additional information about Jandy®, Laars® and Air Energy products by consulting their local pool builders, retailers and service companies or by visiting the web at www.jandy.com and www.air-energy.com.
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