Watts Industries announced that its Canadian division, Watts Industries (Canada) Inc., has signed a Master Dealership Agreement with Rhino Ecosystems Inc., a manufacturer of a patented line of Wet Waste Interceptors.

The company also announced that it met consensus earnings estimates of $.27 per share for its first quarter ended March 31, 2001. Net sales increased 3% to $135,925,000 from $131,651,000 for the comparable period a year ago. Net income was $7,273,000 for the quarter ended March 31, 2001, compared to $7,940,000 for the first quarter of 2000, a decrease of 8%.