# EDGAR Filing Document

**Accession Number:** 0000091142
**File Stem:** 0000091142-25-000153
**Filing Date:** 2025-11
**Character Count:** 19278
**Document Hash:** 73d549b8c2afe1f66ec82d7c9a88636b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091142-25-000153.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000091142-25-000153

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251112

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMITH A O CORP
- **CENTRAL INDEX KEY:** 0000091142
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOUSEHOLD APPLIANCES [3630]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 390619790
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00475
- **FILM NUMBER:** 251469322

**BUSINESS ADDRESS:**
- **STREET 1:** 11270 WEST PARK PLACE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53224
- **BUSINESS PHONE:** 4143594000

**MAIL ADDRESS:**
- **STREET 1:** 11270 WEST PARK PLACE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53224

?xml version='1.0' encoding='ASCII'? aos-20251112

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 12, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. O. Smith Corporation**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **1-475** | **39-0619790** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**11270 West Park Place, Milwaukee, Wisconsin 53224**

**(Address of principal executive offices, including zip code)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(414) 359-4000**

**(Registrant's telephone number)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13-e4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Common Stock (par value $1.00 per share)** | **AOS** | **New York Stock Exchange** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;Other Events**

On November 12, 2025, A. O. Smith Corporation ("the Company") issued a news release announcing it had signed a definitive agreement to acquire LVC Holdco LLC ("Leonard Valve") at a purchase price of $470 million, subject to satisfaction of customary closing conditions and receipt of regulatory approvals. Leonard Valve, together with its Heat-Timer brand, is a leading designer and manufacturer of thermostatic and digital mixing valves and temperature control solutions used in commercial and institutional applications. A copy of the Company's news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

In addition, the Company posted slides describing the transaction to the Investors section of its website. The slides are attached to this Form 8-K as Exhibit 99.2.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

The following exhibit is being filed herewith:

(99.1)&nbsp;&nbsp;&nbsp;&nbsp;<u>[News Release of A. O. Smith Corporation, dated](a11122025exhibit991.htm)[Nove](a11122025exhibit991.htm)[mber](a11122025exhibit991.htm)[12](a11122025exhibit991.htm)[, 20](a11122025exhibit991.htm)[25](a11122025exhibit991.htm)</u>

(99.2)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Supplemental Slides, dated November 12, 2025](supplementalslides.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded with the Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **A. O. SMITH CORPORATION** | **A. O. SMITH CORPORATION** |
| Date: November 12, 2025 | By: | /s/James F. Stern |
|  |  | James F. Stern |
|  |  | Executive Vice President, Corporate Development, Strategy and Secretary |

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## Exhibit 99.1

**Exhibit 99.1**

![aosmitha.jpg](aosmitha.jpg)

---

| | |
|:---|:---|
| **Media Relations:**<br>Curt Selby<br>414-359-4191<br>curt.selby@aosmith.com | **Investor Relations:**<br>Helen Gurholt<br>414-359-4157<br>hgurholt@aosmith.com |

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FOR IMMEDIATE RELEASE

Nov. 12, 2025

**A. O. Smith to Acquire Leonard Valve Company, a Leader in Water Temperature and Flow Solutions**

**Milwaukee, Wis.—** Global water technology company A. O. Smith Corporation (the "Company" or "A. O. Smith") (NYSE: AOS) announced today that it has signed a definitive agreement to acquire LVC Holdco LLC ("Leonard Valve") of Cranston, Rhode Island for $470 million, subject to customary adjustments. The Company expects the transaction to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals. The all-cash transaction is valued at approximately $412 million after adjusting for estimated tax benefits and is expected to be funded through a combination of cash on hand and committed debt financing. The purchase price, adjusted for the present value of the expected tax benefit, represents an adjusted multiple of approximately 12 times forecasted 2026 EBITDA.

Founded in 1911, Leonard Valve, together with its Heat-Timer brand, is a pioneer in water management technologies. Leonard Valve leads in digital and thermostatic mixing valve technologies, while Heat-Timer provides advanced boiler controls that optimize hydronic heating. Together, their solutions ensure safe, precise and efficient control of water temperature in commercial and institutional settings, including hospitals, schools, universities and industrial facilities, where reliability and compliance with safety standards are critical.

"This acquisition represents a compelling strategic fit and a meaningful expansion of A. O. Smith's presence in the water management market," said Steve Shafer, chief executive officer of A. O. Smith. "Leonard's rich history of engineering excellence and commitment to product quality are deeply aligned with A. O. Smith's own culture and values. Leonard Valve's and Heat-Timer's products work seamlessly with our core water heating and boiler offerings, and this acquisition will allow us to deliver a more integrated, high-performance system through our established channels."

**Compelling Strategic Fit with A. O. Smith's Growth and Return Objectives** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Establishes a new growth platform in the fast-growing water management category, expanding A. O. Smith's presence within the mechanical room and complementing its core water heater and boiler businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerates A. O. Smith's digital and connected water strategy through Leonard's advanced digital mixing technology and the Heat-Timer platform, creating leading smart water building management capability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broadens commercial exposure, as Leonard Valve's products serve healthcare, education and industrial end-markets and further enhances and strengthens relationships with specifying engineers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aligns with A. O. Smith's disciplined acquisition framework, meeting key financial thresholds. After one-time purchase accounting charges and professional fees, A. O. Smith expects the transaction to be accretive to A. O. Smith's earnings per share in 2026, with strong growth, margins and free cash flow generation.

"We are excited to join forces with A. O. Smith, whose commitment to innovation and operational excellence aligns perfectly with Leonard Valve's core values," said David Brakenwagen, chief executive officer of Leonard Valve. "Together, we see significant opportunities to accelerate adoption of digital water-management technologies and deliver even greater value to our customers. A. O. Smith is a great home for Leonard Valve that will help our people and products reach new heights."

Shafer concluded, "We look forward to welcoming Leonard Valve and its team to the A. O. Smith family. Both companies share a commitment to innovation, integrity and exceptional customer service. By combining our strengths, we will continue to shape the future of water management with safer, smarter and more sustainable solutions."

BofA Securities served as exclusive financial advisor and Foley & Lardner LLP served as legal advisor to A. O. Smith Corporation.

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**Forward-looking Statements**

*This release contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "continue," "guidance," "outlook" or words of similar meaning. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: the possibility that the parties will fail to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed transaction; potential negative effects relating to the announcement of the proposed transaction; failure to realize the expected benefits of the transaction or expected synergies; difficulties in predicting results of operations of an acquired business; negative impact to the Company's businesses from international tariffs, including any new or increased tariffs that could also trigger retaliatory responses from other countries, as well as trade disputes and geopolitical differences, including the conflicts in Ukraine and the Middle East; further softening in U.S. residential and commercial water heater demand; negative impacts to the Company, particularly the demand for its products, resulting from global inflationary pressures or a potential recession in one or more of the markets in which the Company participates; the Company's ability to continue to obtain commodities, components, parts and accessories on a timely basis through its supply chain and at expected costs; further weakening in North American residential or commercial construction or instability in the Company's replacement markets; inability of the Company to implement or maintain pricing actions; inconsistent recovery of the Chinese economy or a further decline in the growth rate of consumer spending or housing sales in China; the availability, timing or effects of China stimulus programs; uncertain outcomes and costs and other potential impacts of the Company's assessment relating to the Company's China business; potential weakening in the high-efficiency gas boiler segment in the U.S.; substantial defaults in payment by, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer; foreign currency fluctuations; the Company's inability to successfully integrate or achieve its strategic objectives resulting from acquisitions; failure to realize the expected benefits of acquisitions or expected synergies; failure to realize the expected benefits, timing and extent of regulatory changes; competitive pressures on the Company's businesses, including new technologies and new competitors; the impact of potential information technology or data security breaches; negative impact of changes in government regulations or regulatory requirements; the inability to respond to secular trends toward decarbonization and energy efficiency; and adverse developments in general economic, political and business conditions in key regions of the world. Additional factors are discussed in the Company's filings with Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements included in this news release are made only as of the date of this release, and the Company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward-looking statements attributed to the Company, or persons acting on its behalf, are qualified entirely by these cautionary statements.*

**About A. O. Smith**

A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment products. For more information, visit www.aosmith.com.

SOURCE: A. O. Smith Corporation

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## Exhibit 99.2

![](supplementalslides001.jpg)

A. O. Smith to Acquire Leonard Valve November 12, 2025

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![](supplementalslides002.jpg)

2 Leonard Valve At-a-Glance ▪ A.O. Smith to acquire Leonard Valve for $412mm, after adjusting for estimated tax benefits ▪ ~12x 2026E EBITDA1 ▪ Acquisition expected to be accretive to AOS EPS in year 1 ▪ Deal close expected in first quarter of 2026 Acquisition Details Leader in Water Temperature Mixing Valves and Heating Control Solutions ▪ Leading manufacturer of best-in-class, highly engineered solutions under the Leonard Valve and Heat-Timer brands for water temperature and flow control ▪ Products entail water temperature mixing valves and heating control for non-discretionary applications and IoT heating controls for commercial buildings ▪ Deep specification presence across plumbing codes and design standards, driving replacement and project-driven demand ▪ Generates best-in-class margins and strong free cash flow ▪ U.S. business headquartered in Cranston, RI with approximately 100 employees Proven Track Record 110+ years of Performance and Integrity Industry-Leading Innovation 10 Products Launched in the Last 7 Years High Growth Platform Double Digit '22A-'25E Revenue CAGR Large Installed Base 'Spec'd'-in, Critical Products Unrivaled Digital Capabilities ~30% Digital/Connected Revenue Predictable Demand ~80% Repair and Replace Exposure 1Net of expected tax benefit

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![](supplementalslides003.jpg)

3  A Highly Compelling Acquisition That Expands A.O. Smith's Position in Water Management Adds capability in temperature regulation and safety compliance, expanding A.O. Smith's presence deeper into the mechanical room Establishes a new growth platform in water management with spec- driven products that complement A.O. Smith's core water heater and boiler businesses Broadens C&I exposure including healthcare, education and industrial end-markets that offer diversification and recurring revenue Accelerates A.O. Smith's strategy of establishing leading smart water solutions built on existing building management capabilities A. O. Smith Water Heater Lochinvar Boiler DHW Mixing Valve Digital Mixing Valve Control Heat-Timer - Internet connected, digitally enabled control software Wireless Network Sensors Adds a portfolio of premium products reinforcing our position as a provider of high-quality solutions trusted by wholesalers, engineers, and contractors Financially attractive profile and margin accretive      Leonard brings immediate strategic benefits... ...and deepens integration within the mechanical room

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![](supplementalslides004.jpg)

4 These slides contain statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "continue," "guidance," "outlook" or words of similar meaning. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: the possibility that the parties will fail to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed transaction; potential negative effects relating to the announcement of the proposed transaction; failure to realize the expected benefits of the transaction or expected synergies; and difficulties in predicting results of operations of an acquired business. Additional factors are discussed in the Company's filings with Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements included in these slides are made only as of the date of these slides, and the Company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward-looking statements attributed to the Company, or persons acting on its behalf, are qualified entirely by these cautionary statements. Forward Looking Statements

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