• Internal growth through continued enhancement of our brand name, maintaining our focus on new product introduction and providing ongoing support to the development and enforcement of plumbing codes in all three of our segments -- North America, Europe and China.

• Acquired growth through our acquisition program in order to provide complimentary products in our core markets, offer us entree into new water related markets, increase our market share as well as providing us access to new water product technology;

• A commitment to significantly decrease our product costs through consolidation of our manufacturing operations in the U.S. and Europe, as well as focusing on continuous process improvement by implementing Lean Manufacturing Techniques.

We are a leading supplier to the markets for water quality, water safety, water flow control and water conservation in both North America and Europe. We believe that, within a majority of the markets we serve, we have the broadest product lines in terms of distinct designs, sizes and configurations of our products. Most of our sales are for products that have been approved under regulatory standards and incorporated into state and municipal plumbing and heating, building and fire protection codes in the United States and Europe. We have consistently advocated the development and enforcement of plumbing codes and are committed to providing products to meet these standards, particularly for safety and control valve products.

Annual revenue of approximately $1.5 billion is derived from our sales into our wholesale distribution network, sales to original equipment manufacturers and sales to the home improvement retail market. More than one-third of our sales are international with an increasing presence in the emerging markets in Eastern Europe and China.