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The company was founded in 1874 by Joseph E. Watts in Lawrence, Massachusetts.
Watts created a type of safety valve known as the temperature and pressure valve (T&P valve), which was used for safely venting hot-water supply tank systems, reducing the risk of explosion. By the time of World War II, the U.S. Army required Watts T&P valves on all army hot-water supply tanks.
In August 1986, the company became a public company via an initial public offering.
In December 2005, the company acquired Dormont Manufacturing for $95 million.
In June 2006, the company acquired Kim Olofsson Safe.
In April 2011, the company acquired Danfoss Scola for $176 million.
In October 2011, the company agreed to pay $3.8 million to the United States Securities and Exchange Commission to resolve allegations that it made improper payments to employees of state-owned design institutes in China.
In October 2023, the company acquired Bradley Corporation for $303 million.