UPDATE 1-Watts Water to shut 2 facilities in North Carolina

Wed Sep 15, 2010 5:21pm EDT

* Sees after-tax charge of about $4.1 mln through 2011

* Sees about $1.2 mln in capex to consolidate operations

* To save $1.6 mln annually

Sept 15 (Reuters) - Plumbing products supplier Watts Water Technologies (WTS.N) said it is closing two manufacturing units in North Carolina as part of a restructuring plan and expects to record a pre-tax charge of $6.6 million.

The company also said it expects $1.2 million in capital expenditure to consolidate operations into its facilities in New Hampshire, Missouri and other locations.

The company said its restructuring program, expected to be completed by the third quarter of 2011, will save $1.6 million annually and will be fully realized by the second half of 2012.

Shares of the North Andover, Massachusetts-based company closed at $32.87 Wednesday on the New York Stock Exchange.

The shares are up 19 percent since hitting a year-low of $27.53 on July 6. (Reporting by Soham Chatterjee in Bangalore; Editing by Prem Udayabhanu)

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