June 30, 1998 

Contact Matthew Mullen at: (800) 398-2493

For Immediate Release:

Spence Engineering Co., Inc. Walden, New York, a division of Watts Industries of N. Andover, MA, has acquired the Temperature Regulator Product Lines and Business of Ashcroft, a division of Dresser Industries. The Temperature Regulator Product Line of Ashcroft will be marketed along with the complete line of Spence Pressure and Temperature Regulators. This acquisition provides Spence with the most complete line of Temperature Regulators in the industry, including a choice of two way and three way Regulators in a choice of materials and seating designs.

Spence Engineering Company, Inc. is a manufacturer of pressure and temperature control valves, steam traps, control valves and safety and relief valves. Spence Engineering is a division of Watts Industries, a NYSE company.